If you have an immediate need for the funds or need them to support your current standard of living, then a Roth conversion is probably not for you. However, if you have no immediate need for the funds, a Roth conversion can be a great way for your money to grow tax-free over your lifetime.What is the deadline for Roth conversion?
The shortest answer is that, for any given year, the deadline for a Roth IRA conversion is December 31 of that year. (Note: This is different from IRA contributions, which can be made up until April 15 of the following year.)What is Roth income limit?
The good thing about Roth 401 (k)s is that there are no income limits -- you can fund a Roth 401 (k) even if you're bringing home a $1 million salary. That's not the case with a Roth IRA. Individuals making over $139,000 and married couples making over $206,000 in 2020 won't be able to contribute anything directly to a Roth IRA.When does a Roth conversion make sense?
So, when does a Roth conversion make sense? Here are some key times to consider one. CONSIDER A ROTH CONVERSION WHEN YOU'RE YOUNG . When you're younger, you're typically earning less and are therefore in a lower tax bracket than you will be as you get older. That makes it a good time to convert because you'll pay tax at a lower rate today than when you reach a higher tax bracket later.