The year is 2020. A global pandemic has swept the nation and a highly controversial presidential election looms on the horizon. The market fell significantly in Q2 and has been highly volatile ever since. So, why could now be the right year to take advantage of a Roth IRA conversion?
Essentially, three conditions unique to this year could make a conversion more appealing: the waiver of Required Minimum Distributions under the CARES Act, the volatility in the stock market, and the possibility that you may have earned less income this year than in year’s past.
Of course, there are a number of conditions to understand in order for you to decide if a conversion in 2020 would be advantageous for you.