Anyone who is thinking of converting their traditional IRA to a Roth IRA may want to consider doing it this year. Why? Because today’s unique conditions create an opportunity to minimize the tax bite from converting. In fact, many have already taken advantage of this opportunity, with one provider reporting a 67% increase during the first four months of 2020 compared to a year earlier.
But before you begin to decide whether or not to convert, make sure you are familiar with what’s involved with a Roth conversion.