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Other financial discussions
Unfortunately, sometimes converting from a Traditional to a Roth IRA causes "income." This is because while Traditional IRAs aren't taxed until the money is withdrawn during retirement, when you convert it to a Roth, it is taxed as ordinary income. Once that "income" is added to your other income, it might push you into a higher marginal federal income tax bracket.
March 8, 2021
2:56 PM