Delawaredave5
Full time employment: Posting here.
- Joined
- Dec 22, 2004
- Messages
- 699
Are there any reasons one would not want to do Roth conversions (inside the 15% tax bracket ?)
On instance I suppose would be if a person needed an extended nursing home stay ? If they funded this from a tIRA, all of the distribution would be a medical expense, deductible on taxes, and no or minimal tax paid.
If instead the person converted the tIRA to Roth, they'd have 15% less of money to spend on nursing home care.
Maybe that's too hypothetical or unlikely and the other reasons for conversion are more likely and worthwhile.
On instance I suppose would be if a person needed an extended nursing home stay ? If they funded this from a tIRA, all of the distribution would be a medical expense, deductible on taxes, and no or minimal tax paid.
If instead the person converted the tIRA to Roth, they'd have 15% less of money to spend on nursing home care.
Maybe that's too hypothetical or unlikely and the other reasons for conversion are more likely and worthwhile.