Comments on: How much should I convert to a Roth IRA?

By: chiptaxfree

chiptaxfree — Wed, 03 Aug 2022 20:58:00 +0000

Nice job

By: Mr. J

Mr. J — Thu, 03 Mar 2022 12:23:39 +0000

In reply to Mr. J. @Joyce W. Thank you!

By: Joyce W.

Joyce W. — Thu, 03 Mar 2022 12:18:58 +0000

In reply to Mr. J. You only owe taxes on the amount over the bracket. But be very careful if you are on Medicare not to go over the amount for IRMAA which is a huge premium increase on Medicare.

By: Bob Gutman

Bob Gutman — Fri, 10 Dec 2021 14:44:06 +0000

What was the name of the software package you use to run the scenario. I believe you said Nest Egg. Can you provide a link for this?

By: Todd Baker

Todd Baker — Sun, 29 Aug 2021 13:26:09 +0000

I like how you used a real world example. Take away for everyone is you have to make a specific calculation to your own situation. My opinion-Roth conversions should be a strategy for many unless you believe the rate the government taxes us will go down. Also, your own taxable income may not go down to a lower tax bracket in retirement when RMDs are factored in and/or you have a pension like civilian or military retirees.

By: Rich Bowman

Rich Bowman — Tue, 27 Jul 2021 06:55:00 +0000

jazzMAN – I am started Roth conversions 3 years ago. And you were right nobody’s talking about the withdrawal strategies. And withdrawal strategies are probably as important as the saving strategy. Ok that said, because I am 100% nervous about the future of taxing Roth by the government (it is not IF but is WHEN). When they start taxing I am making a relative low risk assessment that all current Roth plans will be grandfathered in. So, I’m trying to accelerate my conversions in down-markets knowing that I will pay higher taxes as the ‘cost of conversion’. My goal, and maybe it’s not feasible, is to be ±75% converted in the next 5 to 10 years. Now from my question: can your software help me track all my portfolio and items? e.g., actual performance, and a forecasted performance perspective. It looks like it might but I’m not 100% sure. I will be tracking income, traditional IRA, Roth IRA, taxable brokerage account, add real estate values. Does your software handle all that? If yes where can I get it?

By: Mr. J

Mr. J — Tue, 13 Jul 2021 21:11:23 +0000

I am “gearing up” to do some “chunking” over a 4 year period. Question: If my adjusted gross comes in a little higher then anticipated (hard to estimate returns on mutual funds), do I owe the higher tax rate on ALL of my income for that year, or only the portion over the bracket amount?

By: Joseph B Scott

Joseph B Scott — Thu, 08 Jul 2021 02:54:15 +0000

Good question, and good content, but maybe the explanation was a little long ?
Would the following equation be true ?

(__% tax bracket maximum amount) – (estimated taxable income on line 10) = maximum rollover amount

please advise, comments, etc, Thanks

By: Robert La Mont

Robert La Mont — Sun, 27 Jun 2021 05:25:20 +0000

Thanks, very useful. I want to stay within the 12% and I should soon know how much other taxable income I’ll have this year, so I’ll know how much to move. But, when is it advisable to move into the 22% rate, if you doubt you’ll earn more than the top for that rate ($171,050, married) in retirement, even with rmd?

By: nam le

nam le — Tue, 22 Jun 2021 18:52:57 +0000

Thank for the imagine video. I am over 60. Does The amount $ converting from 401K or traditional IRA to Roth IRA has to be the same for every year? Or this amount can be varied?
Thank