My very first Roth conversion, please check my knowledge/plan? please be understanding of a first timer.
I am currently in the 12% tax bracket. I have been advised for 2022 to convert up to the 24% bracket.
So, in terms of total dollar amounts to convert for 2022 (I plan to do this in a series, not all at once) - I would convert in total, a dollar amount up to, but not exceeding $89K? Is it that straightforward?
2022 brackets (single filer)
12% $10,276 to $41,775
22% $41,776 to $89,075
24% $89,076 to $170,050
I am currently in the 12% tax bracket. I have been advised for 2022 to convert up to the 24% bracket.
So, in terms of total dollar amounts to convert for 2022 (I plan to do this in a series, not all at once) - I would convert in total, a dollar amount up to, but not exceeding $89K? Is it that straightforward?
2022 brackets (single filer)
12% $10,276 to $41,775
22% $41,776 to $89,075
24% $89,076 to $170,050