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# Maryland Retirement Tax Elimination Act (RTEA)

## Overview

The Maryland Retirement Tax Elimination Act (RTEA) is a legislation that aims to eliminate state income taxes on retirement income for individuals who are 65 years of age or older. This initiative is being phased in gradually until 2028, when all 401k withdrawals will not be taxed by the state of Maryland.

## Current Situation

I am currently contemplating rolling over my simple IRA to a 401k and then converting it to a ROTH IRA. However, considering the RTEA in effect until 2028, it might be more advantageous for me to wait until then to make the conversion, as Maryland won’t tax any of the amount converted. However, I am also concerned about the potential increase in federal taxes that could negate this tax advantage. Additionally, I am unsure if the potential loss of earnings in a ROTH IRA would outweigh the benefit of tax exemption in Maryland.

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The AI Legalese Decoder can analyze the Maryland Retirement Tax Elimination Act and provide insights into how it specifically applies to your situation. By inputting your financial details and goals, the AI can help you make an informed decision on whether to proceed with the conversion now or wait until 2028. It can also provide projections on potential federal tax implications and help you weigh the pros and cons of converting to a ROTH IRA in light of the tax exemption offered by RTEA. With its analytical capabilities, the AI Legalese Decoder can assist you in making a well-informed financial decision.

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