Roth IRA transitioned from Traditional IRA
I am retired and have a traditional IRA. Should I transition it to a Roth?
Terry Says
This might be a good time IF you have money OUTSIDE your IRA to pay the taxes. Presumably tax rates will rise next near. And this is the year you are not REQUIRED to take an RMD, so your income will be lower. Have your custodian organize the change if you decide to do it, and let you know the taxes that would be applicable. But instead of withholding taxes, roll the entire amount — and then make an estimated payment so you fulfill your tax obligation.
