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TWO MASSIVE CORONA TAX BREAKS

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Special provisions from the federal government in response to the Covid 19 crisis present a huge windfall opportunity that not only provide cash for those who are struggling, but should also save you thousands in taxes Read carefully, because almost no one knows about these.
 
IF YOUR INCOME HAS TAKEN A HIT THIS YEAR DUE TO CORONA, this is a once-in-a-lifetime opportunity to convert your traditional IRA to a ROTH IRA with a minimum of pain. Since you may be in a lower tax bracket, you can convert your IRA (any amount) to a ROTH. Rather than paying taxes on ALL monies you withdraw after retirement, 100% of the principal (which you will have to pay taxes on this year) PLUS 100% of the interest/growth you’ve accumulate may be lived on tax free for the rest of your life. Explore this with your accountant immediately!
 
1) THE CARES ACT was signed into law in late March to assist those struggling with financial issues due to the Coronavirus.
which contains a loan provision. You may borrow against your retirement account up to $100,000 (or, if the account is smaller than $100K, up to the full amount in the account).
 
a. The loan must be taken before September 23, 2020.
 
b. OR, if you already have taken a loan against your IRA in the past, payments for those who qualify may be suspended until after December 31, 2020.
 
Don’t let these opportunities expire without talking with your accountant!

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