gregory r.
Dryer sheet aficionado
- Joined
- Jun 25, 2014
- Messages
- 41
We plan to FIRE in 2 years @ 59 yo. The plan is to use cash savings the first two years of FIRE, during which we would like to do Roth conversions since our tax base will effectively be zero thus triggering little to no tax on the conversions if we stay below certain limits. My queries are:
1. Am I missing anything on this concept around mitigating taxes based on zero taxable income the first two years
2. Is there a conversion dollar limit (much as there is a current contribution limit today) if one has no other taxable income or would we still be held to the annual contribution limits as if we were still working/contributing.
3. We currently have never qualified for Roths and made no sense tax wise to do back doors with our current tax rates.(not a question, just fyi)
4. If the answer to no. 2 above is yes, could we open more than one Roth and do individual conversions, I assume yes?
Any quick insights are truly appreciated.
1. Am I missing anything on this concept around mitigating taxes based on zero taxable income the first two years
2. Is there a conversion dollar limit (much as there is a current contribution limit today) if one has no other taxable income or would we still be held to the annual contribution limits as if we were still working/contributing.
3. We currently have never qualified for Roths and made no sense tax wise to do back doors with our current tax rates.(not a question, just fyi)
4. If the answer to no. 2 above is yes, could we open more than one Roth and do individual conversions, I assume yes?
Any quick insights are truly appreciated.