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68791 | Roth IRA's are phenomenal. Currently the owner and spousal beneficiary do not need to take RMD's during their life(Congress has hinted at possibly tweaking but that is today's rules). You can convert out of a SEP and paying ordinary income tax on it. Heirs will owe no tax on it ever. About 6 years ago I inherited a piece of a Roth IRA of about 10k and I wait until December every year on my RMD and owe no tax on any of that piece.
Depending on your age/situation you may want to name grandkids as contingent beneficiaries of some Roth assets so they could let those grow for even longer. | |
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RE: roth conversion
