OPINION: No one likes taxes, but everyone loves a sale. So the idea of a major blowout on Roth conversions in 2023 — a limited time offer, no less — might make it enticing to pay taxes now to avoid them in the future.
No one likes taxes, but everyone loves a sale. So the idea of a major blowout on Roth conversions in 2023 — a limited time offer, no less — might make it enticing to pay taxes now to avoid them in the future.
“There’s an unprecedented opportunity to get in on these low brackets,” says Ed Slott, founder of IRAHelp.com and a longtime proponent of Roth conversions. If you’re young and still working, that’s not going to be you. But you can think ahead and consider Roth IRA and Roth 401 options for your current contributions instead of trying to sort out the issue when you’re retired.
Most people think their tax rates will be lower in retirement, but Slott and many other advisers actually see the opposite most often. Slott also notes that people tend to have fewer deductions in retirement — they are no longer contributing to IRAs, for one thing, and some might not even have mortgages anymore for interest deductions — so they end up paying more in taxes.
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