Whether you ’ ra hope for a discount or mapping out a class bequest, tax planning and retirement go hand-in-hand. When it comes to retirement plan, it ’ sulfur important to never stop learn. Review the types of IRAs and use our Retirement Tools & Calculators. A Roth IRA conversion occurs when you take savings from a Traditional, SEP, or SIMPLE IRA or employer-sponsored retirement plan such as a 401 ( k ) and move them to a Roth IRA. At the time of conversion, you will pay the appropriate taxes due on before-tax dollars converted ; the IRS 10 % extra tax on early or pre-59 1/2 distributions does not apply. The benefits of a tax-exempt income in retirement may justify the conversion. Consider consolidating your fiscal assets at Wells Fargo to help you simplify your finances and get a better view of your overall fiscal picture. For a start, we can explain the assorted options for your retirement plan savings and How to transfer your IRAs.

Income tax will apply to Traditional IRA distributions that you have to include in gross income. Qualified Roth IRA distributions are not included in gross income. Roth IRA distributions are generally considered “qualified” provided a Roth IRA has been open for more than five years and the owner has reached age 59½ or meets other requirements. Both Traditional and Roth IRA distributions may be subject to an IRS 10% additional tax for early or pre-59 ½ distributions.
Investment and Insurance Products are:

• Not Insured by the FDIC or Any Federal Government Agency
• Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

investing products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC ( WFCS ) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company .
WellsTrade® and Intuitive Investor® accounts are offered through WFCS.

retirement Professionals are register representatives of and offer brokerage products through Wells Fargo Clearing Services, LLC ( WFCS ). Discussions with Retirement Professionals may lead to a referral to affiliates including Wells Fargo Bank, N.A. WFCS and its associates may receive a fiscal or other benefit for this referral. Wells Fargo Bank, N.A. is a bank consort of Wells Fargo & Company .
Wells Fargo and Company and its Affiliates do not provide tax or legal advice. This communication can not be relied upon to avoid tax penalties. Please consult your tax and legal advisors to determine how this data may apply to your own situation. Whether any design tax resultant role is realized by you depends on the particular facts of your own situation at the clock time your tax reappearance is filed .
information published by Wells Fargo Bank, N.A., Wells Fargo Advisors, or one of its affiliates as part of this web site is published in the United States and is intended only for persons in the United States.

depository products offered by Wells Fargo Bank, N.A. Member FDIC .
CAR-0321-01068 LRC-0321

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