Never done a roth conversion and am wondering.
We are drawing social security now and only have a small pension and a little
taxable dividends income. Even though we didn't need a distribution from
my ira I recently took a 23k distribution because I calculated that amount
with all our deductions would result in paying no federal or state taxes.
I am wondering if I can convert that distribution now to a roth and also pay
no taxes on it? Or is it too late since I already took the distribution? If I
can it would save even more on taxes long term with those funds being in a roth.
We are drawing social security now and only have a small pension and a little
taxable dividends income. Even though we didn't need a distribution from
my ira I recently took a 23k distribution because I calculated that amount
with all our deductions would result in paying no federal or state taxes.
I am wondering if I can convert that distribution now to a roth and also pay
no taxes on it? Or is it too late since I already took the distribution? If I
can it would save even more on taxes long term with those funds being in a roth.