This episode answers the question, “How do I do a Roth conversion, and what forms do I need to fill out with the IRS?”

David explains that there are three basic steps to convert your IRA to a Roth IRA.

Carrying out these three steps will likely take a few weeks – the process could be slightly shorter if everything is handled by the same financial institution.

Starting this process in December isn’t ideal because financial institutions are often overwhelmed with conversion requests.

If the conversion isn’t completed by December 31st, the Roth conversion window will close, and you won’t be able to reopen it for that tax year.

David discusses when and why 100% of your IRA conversion may not be taxable.

He also touches on the different forms you’ll need to fill out, including instances where you may want to use form 8606.

As David puts it, “Double taxation is something you should avoid at all costs.”

Mentioned in this episode:

David’s upcoming book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track

David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code

DavidMcKnight.com

DavidMcKnightBooks.com

PowerOfZero.com (free 3-part video series)

@mcknightandco on Twitter

@davidcmcknight on Instagram

David McKnight on YouTube

Get David's Tax-free Tool Kit at taxfreetoolkit.com

This episode is part of David McKnight’s interview with Mark Byelich, founder and owner of Attleboro Wealth Management.

David and Mark discuss why the money inside a Life Insurance Retirement Plan (LIRP) "bucket" is treated differently for tax purposes and benefits from low fees.

When it comes to life insurance, David recommends "having as little of it as the IRS requires, and stuffing as much money into it as the IRS allows."

Remember: not all Indexed Universal Life (IUL) policies are created equal.

Starting an IUL is like getting married – it only works if it’s 'til death do you part.

Mark and David touch on the so-called IUL deal-breakers.

David is firm in his view: for LIRPs and IULs, you must ensure a 0% loan is guaranteed in the contract.

David also shares one of the biggest reasons his clients tend to favor an IUL.

Mark Byelich highlights a significant risk that he and his team monitor closely.

David and Mark discuss participating and variable loans, as well as interest in arrears – and David explains why he’s recently taken a step back from a particular approach.

David is a fan of the COMDEX rating, and he explains why, along with one of the Achilles' heels of life insurance policies.

Mark recommends reviewing your financial plan annually.

David shares why they only do business with companies that conduct daily or weekly sweeps.

Mentioned in this episode:

David’s upcoming book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track

David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code

DavidMcKnight.com

DavidMcKnightBooks.com

PowerOfZero.com (free 3-part video series)

@mcknightandco on Twitter

@davidcmcknight on Instagram

David McKnight on YouTube

Get David's Tax-free Tool Kit at taxfreetoolkit.com

Mark Byelich

Genworth Cost of Long-Term Care

Dave Ramsey

Suze Orman

Moody’s

S&P

COMDEX rating