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Should I convert my IRA into a Roth IRA

Share current LOB: WealthManagement

Converting a Traditional IRA to a Roth IRA may help you take advantage of future tax-free earnings. While you may pay tax on part of the amount you convert, your tax-free potential is maximized if you pay it from your income or savings, not your IRA. For 2010 conversions, you can report half the taxable income in 2011 and half in 2012, or the full amount in 2010. After 2010, you must report the full amount in the current taxable year.

Should I convert my IRA into a Roth IRA?

Your current IRA
Amount in current IRA
Portion of IRA already taxed or tax-exempt

Your future contributions
Amount you contribute

Your plans and assumptions
Rate of return in IRAs
Federal + state tax rate - before retirement
Federal + state tax rate - after retirement
Your current age
Age to begin withdrawing
Age at death
Funds you wish to leave at death
Return on other deposits

How to pay taxes due at conversion

Information and these calculators are made available by one or more third party service providers. All examples are hypothetical and are for illustrative purposes. SunTrust Bank and its affiliates do not provide legal or tax advice. Information provided and these calculators are not intended to offer any tax, legal, financial or investment advice. SunTrust cannot guarantee that the information provided or the calculators are accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. SunTrust makes no warranties with regard to these calculators or the results obtained by their use. SunTrust disclaims any liability arising out of your use of, or any tax position taken in reliance on, these calculators. Always consult an attorney or tax professional regarding your specific legal or tax situation.