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Told with remarkable modesty and vulnerability, this account is one of the earliest conversion stories in Christianity.
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If your main goal is to accumulate as much as you can in the account and leave it to your heirs, conversion can make a lot of sense, says Christine Fahlund, a certified financial planner at T.
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Savvy investors are setting up multiple Roth conversion accounts in early January, with a separate account for each asset class, and then waiting the maximum 22 months until Oct. 15 of the following year to see which assets have prospered and which haven't.
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The law gives you until Oct. 15 of the year following a Roth conversion to undo it and put the money back into the pretax account.
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Each time you do a conversion, create a new Roth IRA, rather than mixing funds in an existing Roth account.
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In other words, a Roth conversion is more impactful if you can pay the tax bill with an outside non-retirement account, like an individual or joint account.
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