Ask Terry Questions ira roll over

ira roll over

By Terry Savage on November 29, 2018 | Financial Planning / Retirement

I turned 65 this year i have a company pension of almost 81 k gross a year,and have not started collecting my social security , i also have a 401 k and 457 IRA in the amount of $131,468.21 and no debts . My question is how much can i roll directly into a Roth ira from both the 401k and the 457 ira’s without not going into the next tax bracket .

Terry Says

You need to work with your tax advisor (CPA) to decide how much of your IRA you can CONVERT to a Roth IRA — without moving into a higher tax bracket.  It all depends on your other income,and on your deductions.

There is no longer an income LIMIT for those wanting to do a conversion.  But if your income will be lower in future years, you might want to spread out the conversion to avoid as much taxes as you can.

Recent Financial Planning / Retirement Questions



a personal
finance question