Roth conversion using $6000 tax exemption
I’m a senior on a fixed income. Can I use the extra $6000 tax deduction this year that I don’t need to convert my IRA to my Roth IRA without incurring any extra taxes?
Terry Says
Discuss with your accountant, or use an online tax program like Turbo-Tax to do the actual calculations beased on your other income.
And remember, income taxes are not necessarily the only impact of doing the conversion. Depending on your other income, the added income from a conversion could impact your Medicare Part B and D premiums!
Take a look at this chart: https://irmaacalcs.com/2026-irmaa-brackets
And then if you get a “senior freeze” on property taxes, you want to make sure you don’t go over that income limit!
