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Taxes on Roth conversions are coming due. There are four ways to file and a couple of recharacterization scenarios to consider.
There's been an increase in younger investors opting for Roth conversions, but many are unaware of "undo" options.
A new law allows employers to offer "in-plan" Roth conversions to keep assets from leaving the company's retirement plan. The move might be tempting for simplicity's sake, but in-plan conversions are more easily taxed, subject to RMDs, and cannot be recharacterized. Talk to clients now about the pros and cons.
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