FICA on Roth Conversion from solo 401k?
I have client who is doing a Roth Conversion from his solo 401k and planning his estimated payments. Will there be FICA tax on the conversion?
I have client who is doing a Roth Conversion from his solo 401k and planning his estimated payments. Will there be FICA tax on the conversion?
Permalink Submitted by Alan - IRA critic on Wed, 2020-04-01 15:56
No, just ordinary income tax.
Permalink Submitted by Brad Kerr on Fri, 2020-04-03 17:29
I was planning on doing a coversion from my IRA to Roth at the end of 2020. I am not thinking about doing that now. I don’t want to get a penalty at the end of the year. How do you pay the tax now on the $50K conversion?
Permalink Submitted by Alan - IRA critic on Fri, 2020-04-03 22:43
Why would you be concerned with taxes if you aren’t planning on doing the conversion?