ira roll over
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.
