Is your Income Lower this Year due to COVID?

If so, it may be an opportune time to convert some or all of your Traditional IRA to a Roth IRA. Once converted to a Roth your investment will grow tax-fee. If you have a Traditional IRA with a relatively large balance, a full conversion could push you into a higher tax bracket. If that’s the case, spread your conversion across 2020 and 2021 to save on the amount of taxes you’ll have to pay.