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Moving to another state in retirement is a common goal for many.
Whether it be to save on taxes, change climates, or move closer to family, moving states can create a more complex planning situation. Specifically in terms of tax and Roth Conversion planning.
Let's say you're moving from a state with state income tax to a state with no income tax.
You might think as soon as you move you are now an official resident and no longer worrying about the pesky state taxes of your old state.
This thinking is likely incorrect and it could affect tax planning greatly.
Just as every state has a different tax code, they have different rules for when you are no longer a tax resident.
Many follow something called the 183-day rule. We'll discuss that in this video.
Here are some other things we will talk about:
✅ Should you perform a Roth conversion before you move states, after you move, or both?
✅ How will moving to another state affect my Roth Conversion strategy in general?
✅ What are various rules that I have to follow to make a 2021 Roth Conversion successful if I am moving?
#rothconversions #retirementincomeplanning #taxplanning #movinginretirement
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Safeguard Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on KZitem is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at www.safeguardinvest.com/fiduc...
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