2021 roth convwersions
72.5 now, working 12 hr/wk
for 2022, i want to convert part of tIRA to roth, do have other cash flow: job & soc sec income.
to pay the extra taxes, I will have money outside of rmd income.
general thoughts and creative suggestions welcome. thanks.
this is truly a wonderful website, mr. slott
Permalink Submitted by Alan - IRA critic on Wed, 2020-09-30 14:49
Not sure if you meant 2021 or 2022, but either way you will have to complete your RMD before converting any amounts to a Roth IRA. The conversions will be taxed at your marginal rate, and are generally only advisable if you can convert at a lower rate, or perhaps an equal rate compared to your future tax rates if you do not convert.