You may want to consider doing a Roth conversion in the near future. You’ll pay Uncle Sam his fair share of discounted stock and get to ride the recovery, tax free.
It's funny I have been doing the tax free in and tax out, when I started it i had many questions and called them and had asked them questions that they couldn't even answer, I thought why have it going in tax free now, who the hell knows what my tax rate will be in the decades to come, plus I noticed its not entirely tax free going in. Long story short j recently changed my elective, now I have it going in taxed so I can withdraw it tax free.
If one is a B&H'er, better strategy is to wait for the bear market to end before the conversion. Same exact reason + all of your paper losses will have effectively been tax deductible.
%% Sooner the better, most any kind ,Roth, back door Roth...............................................................................
Best would be to make some money on the decline if you can... but otherwise keep capital intact until the markets wash out. The taxes paid then to convert will be less than the capital losses of "riding it out". It's not like Congress to grant us peons such an opportunity as the Roth*. All younger people should be planning around taking maximum advantage. *Compared to the rest of our tax code... the Roth is SOOOOO good, I'm surprised Congress hasn't "rethunk" it and repealed.
%% Sounds like old school thinking=saving+ investing is good, so even the gov encourages it.LOL NOW if only, the gov would save+ spend less..............................................
Yeah, fat chance. There have been several considerations of the US having a balanced budget and living withing those spending confines. In each case the notion has been defeated. IOW... the Federal government always wants "more"... something for "free". (deficit spending). No difference in spirit from people charging up their credit cards with no intention of ever paying their debt. In the people's case... the CC companies end up taking it in the shorts, "charging it off as uncollectible"... nothing other than legalized theft. When the government does it, they call it "policy".