jIMOh
Thinks s/he gets paid by the post
I did a Roth conversion today- selling 3k of one fund in my rollover and buying 3k of same fund in my Roth.
I should be doing this on taxable income of 62k- that was about what my taxable income was in 2007.
Some questions-
My AGI in 2007 was 103k. My wife was out of work collecting about 80% of base pay for around 2-4 weeks this year, plus heath insurance premiums increased (we had twins) plus we used an HSA for about 1.5-2k this year.
How many ways can people suggest I reduce my AGI so this Roth conversion works?
1) increase 401k (put in 11%/8k now, I don't think I could squeeze anything more than $500-$1500 out of this between now and dec
2) sell some stock at a loss (does a capital loss lower AGI?).
I can't think of other ways immediately, if there are suggestions, I am listening.
If the conversion does not work I can recharactorize before April 15 with no tax penalty according to what both T Rowe Price told me and what is in pub 590.
I should be doing this on taxable income of 62k- that was about what my taxable income was in 2007.
Some questions-
My AGI in 2007 was 103k. My wife was out of work collecting about 80% of base pay for around 2-4 weeks this year, plus heath insurance premiums increased (we had twins) plus we used an HSA for about 1.5-2k this year.
How many ways can people suggest I reduce my AGI so this Roth conversion works?
1) increase 401k (put in 11%/8k now, I don't think I could squeeze anything more than $500-$1500 out of this between now and dec
2) sell some stock at a loss (does a capital loss lower AGI?).
I can't think of other ways immediately, if there are suggestions, I am listening.
If the conversion does not work I can recharactorize before April 15 with no tax penalty according to what both T Rowe Price told me and what is in pub 590.