What is a Roth Conversion? A Roth conversion refers to the transfer of an Individual Retirement Account (IRA), either Traditional, SIMPLE, or SEP-IRA, into a Roth IRA. With Roth IRAs, you pay tax on the money before it transfers into the account.

Recently, the $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing key provisions that may benefit retirees.

Until January 2020, most of us had never heard of the coronavirus (COVID-19). Now, we are not only grappling with the fear of the virus itself, but also its uncertain impact on the global economy and in our daily lives. Most importantly, there is a real human impact and tragedy. We don’t know how many people are going to fall ill or worse. Our first thoughts are with those people and their families. We urge you all to stay safe and take care of yourselves.

The start of a new year has different meanings for different people. It can symbolize fresh starts, or mark definitive ends. It can be reinvigorating, or it can be just another day of the year. While each person may hold their own sentiments about entering January, there is one aspect of this time period that rings true in all our minds: it marks the start of tax season.