Looking4Ward
Full time employment: Posting here.
I've never been one who couldn't work with numbers but from a personal standpoint it's still really hard for me to get my head around this, so maybe someone can help me put it in real life terms:
I'm 60 and file head of household with one dependent (15) and am currently living off of my taxable investments with a sizeable tIRA that I won't need to touch for ten years.
Last year I had:
$22,813 in capital gains
$19,764 in dividends, of which $10,888 were qualified
So $43K minus standard deduction of $18,350 for a taxable income of $24,327.
I currently qualify for a monthly $793 ACA subsidy, will most likely exceed (but not surpass the maximum) FPL caps based on income when I file next year, but the child tax credit more than wipes out any penalties for understating income.
How much could I optimally convert to a Roth?
I'm 60 and file head of household with one dependent (15) and am currently living off of my taxable investments with a sizeable tIRA that I won't need to touch for ten years.
Last year I had:
$22,813 in capital gains
$19,764 in dividends, of which $10,888 were qualified
So $43K minus standard deduction of $18,350 for a taxable income of $24,327.
I currently qualify for a monthly $793 ACA subsidy, will most likely exceed (but not surpass the maximum) FPL caps based on income when I file next year, but the child tax credit more than wipes out any penalties for understating income.
How much could I optimally convert to a Roth?