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For one, adding taxable income from a Roth conversion may increase taxes on your Social Security benefits. You may also have to pay higher Medicare premiums and lose access to some tax credits.
Some people opt to do a Roth conversion, moving funds from a pretax retirement account such as a 401(k) into a Roth IRA. ... Since taxes on Social Security benefits and Medicare premiums are also ...
I’m 70 years old, have $1.5 million in a 401(k), and just started taking Social Security. Is it too late for a Roth conversion?
The post I'm 66, Taking Social Security, and Have $745,000 in a 401(k). ... the bigger question is whether it’s a wise call to make a Roth conversion. On the one hand, a tax-free portfolio gives ...
Many people do conversions in the so-called “gap” years after they retire and earn less but before they claim Social Security benefits or their RMDs begin at 72 or 73. You can claim Social ...
However, you’d pay approximately $25,000 in taxes on your first Roth conversion. While tax rates are expect to change after 2025, if you paid $25,000 per year for eight years, your total tax ...
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277 W. Nationwide Blvd, Columbus, OH · Directions · (614) 227-5725