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Message
Convert 457b to Roth IRA
Posted on 9/29/13 at 10:19 pm
Posted on 9/29/13 at 10:19 pm
Oh wise users of the MT, I have recently been contemplating converting my 457b (~14k) to a Roth IRA. I like having the ability to withdraw my contributions if needed. I currently put about $300 a pay period ($7800/yr) in the 457. Mainly would like to know the advantages/disadvantages from the more experienced folks in here.
1
Posted on 9/30/13 at 7:45 am to Scooby
You will have to pay taxes at your current income rate to do the conversion.
You (if the rules stay the same) will not have to pay tax on withdrawals of Roth at retirement age.
So I guess the questions are:
1. Will your tax rate be higher or lower in the future? Depends
2. Will the rules stay the same? Doubt it.
You (if the rules stay the same) will not have to pay tax on withdrawals of Roth at retirement age.
So I guess the questions are:
1. Will your tax rate be higher or lower in the future? Depends
2. Will the rules stay the same? Doubt it.
Posted on 9/30/13 at 8:31 am to makersmark1
Eh.
They might close a Roth tax loophole to new entries, but there is too much backlash on saying "Nevermind, we already taxed you going in, now we will tax you coming out too!"
They might close a Roth tax loophole to new entries, but there is too much backlash on saying "Nevermind, we already taxed you going in, now we will tax you coming out too!"
Posted on 9/30/13 at 8:52 am to makersmark1
quote:
1. Will your tax rate be higher or lower in the future?
My best guess is that it would be higher.
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