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SUMMARY
A Roth IRA conversion allows you to pay taxes on your retirement savings NOW instead of in the future when you retire. In this video I will demonstrate how to do one within Vanguard by converting my traditional IRA to a Roth. I will walk you step by step through the process and clarify areas that may cause confusion.
In terms of the taxes that you’ll owe, depending on when and how much you convert, you may have to make estimated tax payments to the IRS before tax day April 15, to avoid penalties. Here’s the link for more info on estimated payments:
LINKS
► Vanguard IRA –
CHAPTERS
0:00 – Intro/why would you want to do a conversion?
0:39 – Opening the destination Roth account
3:25 – Transferring the money
6:50 – Conclusion…(read more)
LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
Thank you for this video. You made it a lot easier than the last video I watched. He went through Buy and Sell.
Done. I converted a portion of my IRA into my ROTH. I've been wanting to do this for years.
Wow! $300 in taxes just for transferring $1000?!