Conversion to Roth IRA from simple IRA
Terry do I have to have taxable income in order to convert a portion of my Simple IRA to a Roth IRA? I am 80 and retired living on Social security and a pension. I have enough savings to pay the taxes on the conversion. Thanks for your help.
Terry Says
I’m not quite sure why you would want to do that conversion now, since you’re retired and probably won’t move into a higher tax bracket even if rates rise. You don’t need taxable income to do a conversion at any time. But if you are trying to avoid taking withdrawals each year and paying taxes on them, that’s the only reason to do a Roth conversion. But from what you told me, that doesn’t make a lot of sense. Write back if I’m missing something.
