If you have a traditional IRA, please read on...
If your income will be much lower than usual this year, consider converting your traditional IRA to a Roth IRA. The amount converted would be taxable income this year, but if you’re in a much lower tax bracket, the small amount of tax may be worth paying, considering you’ll avoid paying higher tax down the road once you start using your retirement money.
The conversion must be done by December 31st.
If you need help evaluating the conversion, please let us know.