According to Portugal’s National Institute of Statistics, 68 percent of American visitors traveling to Portugal include gastronomy and wine tastings in their plans, and their numbers are growing dramatically. In 2016, 390,000 Americans visited Portugal; last year, 685,000 did. Tourism officials expect 822,000 this year. TAP, Portugal’s national airline, now offers daily flights to Lisbon from JFK, and from Newark to Porto twice a week and Newark to Lisbon five days a week.
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Looks like Portugal is on the raise as a tourist and retirement destination.
While the new Tax Cuts and Jobs Act (TCJA) includes one negative change for Roth IRAs, they are still pretty wonderful. Here’s what you need to know about Roth IRAs and especially Roth IRA conversions in the post-TCJA world.
The two most-important Roth IRA tax advantages are:
Unlike traditional IRA withdrawals, qualified Roth IRA withdrawals are federal-income-tax-free and usually state-income-tax-free too. What is a qualified withdrawal? It’s one that is taken after you, as the Roth account owner, have met both of the following requirements:
1. You’ve had at least one Roth IRA open for over five years.
2. You’ve reached age 59½ or become disabled or dead.
I need to investigate if item 1 above is correct. You only need to have ‘at least on Roth IRA open for over five years’?
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