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Updated over 7 years ago on . Most recent reply
Convert Traditional to Roth IRA
I'm thinking of converting some/all of my Traditional IRA to my Roth. I know there will be taxes to pay. If I move to a no tax state like TX or FL it would seem I don't have to pay state tax on the transfer, is that correct?
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@Account Closed words of wisdom -I would wait and see what the new tax bill looks like before I converted. I would also read the book "Keep It" by Joe Luby as it saved me tens of thousands of dollars. Conversions should be well thought out and planned dependent on the extent of the potential tax consequences.
Some states already tax your Ira contributions because many residents retire to Fl and then the states would miss out on any tax. Check with your state and a knowledgeable Accountant.