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Roth IRAs: Is Now the Ideal Time to Consider a Conversion?

Kevin Koski
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
651.438.9818 (Fax)
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Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

Carlson Capital Management works with many clients each year to implement a Roth IRA conversion strategy in which a portion of their tax deferred accounts (i.e. 401(k), IRA) are converted to a Roth IRA. Generally speaking, the long-term benefits of a conversion strategy are measured by comparing the amount of taxes paid today upon conversion versus the taxes avoided in the future on all of the investment earnings and growth accruing after the conversion. Many will avoid paying the taxes today on a Roth IRA conversion under the belief that they or their heirs will be subject to a lower tax rate in the future. That said, it’s important to note the potential implications of recently-enacted and pending federal legislation on the current versus future tax-rate analysis: Tax Cuts and Jobs Act of 2017 and Setting Every Community Up for Retirement Act of 2019.

  • Tax Cuts and Jobs Act of 2017
    The Tax Cuts and Jobs Act of 2017 (TCJA) has placed current tax rates at historic lows. The 22% and 24% federal tax rate brackets now extend to income levels where many paid federal taxes at rates of as high as 32–35% under prior law. The tax rates under TCJA are set to expire December 31, 2025, at which time tax rates will revert back to prior law. Tax rates could change earlier based on results of the 2020 election, which places even more urgency on finding and utilizing opportunities in 2019 and 2020.
  • Setting Every Community Up for Retirement Act of 2019 (Secure Act)
    The Secure Act was overwhelmingly passed by the House of Representatives in June 2019. The consensus at that time was that the legislation would be fast-tracked to passage in the Senate and signed into law. The bill has since stalled in the Senate, but it is still expected to become law due to its bi-partisan support.

    If it passes, along with increasing the Required Minimum Distribution (RMD) age to 72, the bill will eliminate lifetime distributions for most non-spouse beneficiaries of tax-deferred accounts. Beneficiaries will, instead, be required to distribute the account in full within 10 years—meaning that all deferred income taxes will be paid within that timeframe. The accelerated distribution schedule could push tax rates for heirs to much higher levels than previously planned, depending upon the size of the accounts and the age and financial situation of the beneficiaries. Roth IRA conversions completed now to mitigate these future impacts are worthy of strong consideration if you wish to maximize the amount of after-tax wealth transferred to your heirs.

There’s no question that the team at Carlson Capital Management will be incorporating Roth IRA conversion considerations into many year-end planning conversations. Please reach out with any questions or if you would like to better understand the impact on your situation.

NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.

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Published November 1, 2019 Topics: 401(k) Plans, IRAs, Roth IRA, Tax Planning

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