Today on Your Money, Your Wealth® podcast 371 with Joe Anderson, CFP® and Big Al Clopine, CPA, when do you have to pay the taxes on a Roth IRA conversion to avoid any IRS penalties? Was it a mistake to convert to Roth IRA? What percentage of your assets should be in tax-free, tax-deferred, and taxable accounts to give maximum flexibility in retirement? And finally, do Roth conversions count as income toward your eligibility to contribute to a Roth, and how will a pension be taxed? Podcast show notes, episode transcript, free financial resources, Ask Joe & Al On Air:

00:00 – Intro
00:50 – When Do You Have to Pay Roth Conversion Taxes Without Penalty (John, Atlanta voice message)
05:05 – When to Pay Roth Conversion Taxes? (Luis, Plant City, FL)
09:59 – Schedule a free financial assessment:

10:38 – What Percentage in Tax-Free, Tax-Deferred and Taxable Accounts Gives Max Flexibility? (Benjamin, Fargo, ND)
18:28 – Was Our Roth Conversion a Mistake? (David, California)
25:31 – Download the Ultimate Guide to Roth IRAs:

26:36 – Do Roth Conversions Count Toward the Roth Contribution Eligibility Income Limit? (Steve, Seattle, WA)
31:41 – How Will a Utah Pension Be Taxed? (Douglas)

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CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.

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