I want to do more Roth Conversion, upto max 22% Tax Bracket if feasible & keep income below $170k to prevent medicare premium surcharge.
Help me calculate this year projected taxable income, so to get a good idea of how much to convert.
Married filing Jointly, both retired, will be paying Roth Conversion Taxes from Taxable Funds.
Have converted to Roth so far = $ 60k
Total Dividends Projected = $ 65k
Cap Gains LT = $ 4k
Bank CD income projected = $ 10k
__________
$ 139000
Standard Deduction = $24400
Home Property Tax = $ 4500
___________
Deductions =$ 28900
Taxable Income = !39000 minus 28900 = $110100
No Mortgage
No Student Loan
No Debt
No Dependents
Projected Tax Exempt Tax = $32000
MAGI = 110100 + 32000 = $ 142100
$168400 (22% max) minus-110100 = $58300
Do I have room of approximately $58000 to convert into Roth ?
Where am I going wrong ?
- If I buy 2019 Turbo Tax Premier CD (1st time user) now, will I have access to a CPA starting now ??
Thanks in advance