Traditional IRA and Roth IRA Fresno CA

Given the significant market downturn it may not be a bad time to convert your traditional IRA to a Roth IRA in Fresno. Right now, anyone with modified adjusted gross income of less than $100,000 a year (individual or joint income) can convert a traditional IRA account to a Roth IRA. Higher-income Americans are scheduled to get the same break in 2010.

Mr. Richard Allyn Quan, CFP®
(559) 449-6145
5200 N Palm Ave Ste 308
Fresno, CA
Firm
New England Financial
Areas of Specialization
Business Succession Planning, Education Planning, Estate Planning, Insurance Planning, Investment Planning, Long-Term Care, Retirement Planning

Data Provided by:
Thomas B Dias, CFP®
(559) 447-8236
5250 N Palm Ave Suite 111
Fresno, CA
Firm
RBC Dain Rauscher

Data Provided by:
Mr. William E. Roeser, CFP®
(559) 225-5200
6535 N Palm Ave
Fresno, CA
Firm
Roeser Accountancy Corp
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, General Financial Planning, Investment Management, Investment Planning, Tax Planning

Data Provided by:
Mr. Mark G. Ruof, CFP®
(559) 447-8212
5250 N Palm
Fresno, CA
Firm
RBC Wealth Management
Areas of Specialization
Asset Allocation
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000

Profession: Business Executives

Data Provided by:
Mr. Alan Samaha, CFP®
5250 N Palm Ave Ste 321
Fresno, CA
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Asset Allocation, Business Succession Planning, Disaster Recovery, Divorce Issues, Retirement Planning, Sudden Wealth Management, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $250,001 - $500,000

Profession: Business Executives

Data Provided by:
Mr. Daniel M Conniff, CFP®
(559) 438-2543
5250 N Palm Ave.
Fresno, CA
Firm
Morgan Stanley Smith Barney, llp.
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000

Profession: Self-Employed Business Owners

Data Provided by:
Ms. Jayne M. Ferrante, CFP®
(559) 437-1818
6795 N Palm Ave Ste 108
Fresno, CA
Firm
Prosperity Planning & Management
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Life Planning, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Ms. Carole R. Ford, CFP®
(559) 449-8690
6715 N Palm Ave
Fresno, CA
Firm
Ford Financial Group
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Intergenerational Planning

Data Provided by:
Mr. Braden T Mckeighan, CFP®
(559) 433-2003
5250 N Palm Ave Ste 321
Fresno, CA
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Retirement Income Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Jared V. West, CFP®
(559) 436-3324
5260 N. Palm Ave
Fresno, CA
Firm
Merrill Lynch
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Data Provided by:

Traditional IRA and Roth IRA

Given the significant market downturn it may not be a bad time to convert your traditional IRA to a Roth IRA. Right now, anyone with modified adjusted gross income of less than $100,000 a year (individual or joint income) can convert a traditional IRA account to a Roth IRA. Higher-income Americans are scheduled to get the same break in 2010.

Remember that when you do a conversion, you must pay income tax on the amount you are converting, which can be all of the funds in the traditional IRA or just a portion of those assets. But, subject to certain restrictions, you won’t pay tax when you finally need to withdraw your money. That’s where the silver lining comes in for you or for your heirs if you pass that money on to them.

Take another look at your statements and how much your investments are down. Assuming that the markets perform historically and fight their way back, your tax-free amount available for withdrawal could accumulate significantly under that Roth status.

Things to consider:

1) Time to retirement matters: If you have more than five years until you plan to withdraw your retirement funds, conversion of traditional IRA assets to a Roth IRA might make sense. The longer the time span where earnings can grow tax deferred, the greater the benefit of being able to withdraw those earnings without paying tax on them.

2) Your tax rate at retirement is important: Many people, such as business owners, may be paying taxes now at a fairly low rate. So they might pay higher taxes at retirement. If that’s the case, converting to a Roth might make a lot of sense. Additionally, with Social Security benefits being taxable at certain income levels, Roth IRAs can allow you to limit or eliminate such taxes.

3) A Roth conversion can be expensive: You’ll have to pay taxes on contributions that you previously deducted, as well as taxes on the accumulated earnings. Also, you need to be aware that conversion could push you into a higher tax bracket, especially if you’ve accumulated sizeable earnings over the years. This is why a conversion needs to be planned with a tax expert. Why? It may trigger the Alternative Minimum Tax (AMT) due to those high earnings.

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