To Roth IRA or not to Roth IRA? For many taxpayers who are thinking about their retirement packages, this is the question, and it’s not a simple one. In order to assist people with making the choice, NDH Group of Chicago has developed an iPhone app that makes the decision quick and easy.
As of January 1, 2010, all taxpayers are eligible to convert to a Roth IRA regardless of income. In order to provide a much needed service for the increasing numbers of Roth IRA conversions, NDH Group created RothCalc2010, an app that computes and compares the after tax value of the users retirement accounts with a traditional and a Roth IRA, and determines if it makes sense for the user to convert.
“We created an inexpensive tool to help our clients quickly and easily assess whether they should discuss Roth conversion with their tax and investment professionals,” said Jeremy Dubow, a partner at NDH.
CPA Expertise for Under a Dollar
The NDH app, which is available on the iTunes store for $0.99, was created by CPAs and used by NDH in their own tax practice. The app lets you enter a few simple parameters, and adjust for future tax and investment growth rates.
Roth IRAs differ from traditional IRAs in that they are not tax-deferrable. However, they also offer the advantage of fewer withdrawal restrictions, allowing you easier access to your IRA. For more information on the difference between Roth IRAs or to ask other financial questions, visit our Financial Help page.