Badger
Thinks s/he gets paid by the post
- Joined
- Nov 2, 2008
- Messages
- 3,411
We did well saving and investing to accumulate a comfortable amount in our IRAs and after tax savings. But we have been taking RMD for about 3 years now and I am starting to realize that if I was to go first my wife would have a terrible tax bill from the combined RMDs and being single. For a number of years I have been moving money from tIRA to Roth IRAs but should probably have done more.
In order to try and reduce a potential tax increase for her I would like to at least move more into the Roth but not go over the max 22% bracket ($171,050).
1. Can I still do this?
2. If there were no changes from my 2019 tax return and my Taxable Income remained the same can I simply increase a backdoor Roth contribution (after my RMD withdrawls) to the upper limit of the 22% bracket? Example: Maximum limit at 22% is $171,050 - Taxable Income of $100,000 = $71,050 for backdoor Roth.
Is there a limit to how much you can move from tIRA to Roth?
Cheers!
In order to try and reduce a potential tax increase for her I would like to at least move more into the Roth but not go over the max 22% bracket ($171,050).
1. Can I still do this?
2. If there were no changes from my 2019 tax return and my Taxable Income remained the same can I simply increase a backdoor Roth contribution (after my RMD withdrawls) to the upper limit of the 22% bracket? Example: Maximum limit at 22% is $171,050 - Taxable Income of $100,000 = $71,050 for backdoor Roth.
Is there a limit to how much you can move from tIRA to Roth?
Cheers!