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Should I move money from a pre taxed account to a post taxed IRA

By Terry Savage on December 29, 2020 | Economy & Taxes

Would it be wise to take money from my traditional IRA and move it to a Roth IRA. So basically, can I take it from pre taxed to a post taxed IRA account? I am concerned that their will be major tax increases with the incoming administration. My wife and I are 60 & 63 and are retired. We are not taking Social Security nor receiving a pension. We live off of our IRA accounts. I would love to have your input. Thank you,

Terry Says

Basically, you’re asking whether it’s wise to pay taxes now — at presumably lower rates. Well, you better act immediately to get it done in time to put the taxes on your 2020 return. Typically tax legislation is retroactive to Jan 1 of the year in which the law is passed. A lot depends on whether the Democrats get control of the Senate — something we won’t know until January.

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