Is our economy facing a “slow and long slog back”? A new Reuters poll shows how economists envision the coming years. The tax filing deadline may be pushed back again. That’s according to U.S. Treasury Secretary Steven Mnuchin, as Siladitya Ray reports for Forbes. You may reduce your taxes by 30-40% in this unprecedented time. In fact, there may never be a better time to convert to a Roth IRA, which permits tax-free withdrawals. Mark Stein explains why investors should consider making the move now.
Fed’s Gloomy Economic Outlook “About Right”, Say Economists: Reuter’s Poll — The Federal Reserve struck the right tone in its first pandemic-era economic outlook, suggesting years of extraordinary policy support for an economy facing a slow and long slog back, according to a majority of economists in a Reuters poll. Read more…
IRS May Consider Delaying Tax Filing Deadline Again, Mnuchin Says — U.S. Treasury Secretary Steven Mnuchin said that his department may consider further extending the deadline for tax-filing, which had previously been moved from April 15 to July 15 due to the coronavirus pandemic, though there aren’t any such plans as of now. Read more…
A Great Year For A Roth Conversion — Two events — a crashing stock market and the waiver of required minimum distributions in 2020 —have unexpectedly created an ideal time to convert retirement savings from a traditional individual retirement account to a Roth IRA. Unlike traditional IRAs, withdrawals from a Roth are tax free in retirement. The catch is that federal and state taxes are owed on the conversion amount for the year the conversion is made. Read more…
John R. Day, Bill Ennis, Stephanie Hall, and Matt Heller
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