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Prapass Pulsub | Moment | Getty ImagesAs year-end approaches, some investors may be weighing a Roth individual retirement account conversion to save on future taxes. The strategy transfers your pretax or non-deductible IRA funds to a Roth IRA, which kick-starts future tax-free growth. But you have to plan for the upfront tax bill. Here are some key factors to consider before making a Roth conversion, according to financial experts. Assess the short-term tax consequencesWhile a Roth conversion may offer long-term tax benefits, there's potential for shorter-term consequences, Lawrence warned.
Persons: Prapass, Roth, Ashton Lawrence, Lawrence, Jeremy Finger Organizations: Roth IRA, Mariner Wealth Advisors, Riverbend Wealth Management, Riverbend Wealth, Republicans Locations: Greenville , South Carolina, Myrtle Beach , South Carolina
People may be surprised to learn, for example, that in some cases they can qualify for unemployment benefits even if they quit, Evermore said. To receive and keep receiving unemployment benefits, you have to be able to work and actively be seeking new employment, Evermore said. Are unemployment benefits taxable? In the third quarter of 2022, the average weekly unemployment benefit was around $385. Workers are typically eligible for unemployment benefits for a certain amount of weeks per benefit year.
Do I qualify for unemployment benefits? Generally, to be eligible for unemployment benefits you have to have been laid off through no fault of your own, Evermore said. Are unemployment benefits taxable? In the third quarter of 2022, the average weekly unemployment benefit was around $385. Will that impact my unemployment benefits?
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