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But the income taxes are still due even for those over 60. There is a way around this. Roth IRA owners can avoid paying taxes on withdrawals if they wait five years after the conversion before ...
It’s important to note that a traditional IRA or traditional 401(k) that has been converted to a Roth IRA will be taxed and penalized if withdrawals are taken within five years of the conversion ...
Opening a Roth IRA after 60 means you don't have to worry about an early withdrawal penalty, but you'll have to wait five years to take out money tax-free.
But with 13 years of $120,000 Roth conversions already completed, the IRA balance requiring RMDs could be reduced to around $42,000 by age 73. Your first RMD would be just under $1,600.
For example, Paul is 60 years old and, after years of diligent saving and successful investing, he’s amassed a large balance in his retirement accounts, including his traditional IRA.
For instance, doing a maximum Roth conversion of $16,000 means her total income for the year would be $100,000 ($84,000 + $16,000), keeping her below the $100,525 cutoff for the 22% tax bracket.
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