If the stocks, ETFs, or Mutual Funds share prices crater in your Traditional Tax-Deferred IRA crater, it may be a good time to convert those shares to a Roth IRA. Do an in-kind conversion, where they just move the shares over without selling them off. In the future, when the share prices recover, you will have managed to move over more shares than if you had done the same during a time when the share prices were higher.
Think of this operation as if it were like using a compression sack for packing a sleeping bag or a piece of travel clothing. Squeeze the air out of the investment (compression in share price), move it, then let the air back in.
Did some conversions in March and last Thursday, Friday and this past Tuesday. I only do as much as I want added to the tax bill. Also keeping any potential capital loss sales on the table to make, as I can sell and have a loss and then turn around and buy an ETF that effectively tracks the one I sold but will not be frowned on by IRA rules -ie- sell SPTM at a loss and buy VOO in its place, for example. Can use the capital loss to defray the Roth conversion tax bill amount too.
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My training has always been not to pay tax until one has to. Not a fan of Roth conversions. If dead set on conversion, why not wait until you live in a state with no state income tax to reduce the tax bite?
Deferring taxes is totally wrong for high net worth people with large tax deferred balances. If you have much less than a million, its not an issue really.