Badger
Thinks s/he gets paid by the post
- Joined
- Nov 2, 2008
- Messages
- 3,437
As my wife and I are getting older (75 and 77) I am concerned about the tax increase when one of us is gone. We are presently taking SS and RMDs. But, a surviving spouse would have 2 RMDs on a single individual tax bracket that will throw them into a 24% (or higher) bracket from a 22% bracket.
1. At our age can either of us (or both of us) still do backdoor Roth conversions into the same MFs that are in the tIRAs? I was thinking of up to the maximum in the 22% bracket for as many years as we can to reduce the RMDs for the remaining spouse.
2. Also would it be advisable to start with the smaller tIRA or take out of both to equal the top end of the 22% bracket?
3. Is there a maximum conversion amount in a year for each tIRA?
We have available cash to use for taxes on the conversions.
1. At our age can either of us (or both of us) still do backdoor Roth conversions into the same MFs that are in the tIRAs? I was thinking of up to the maximum in the 22% bracket for as many years as we can to reduce the RMDs for the remaining spouse.
2. Also would it be advisable to start with the smaller tIRA or take out of both to equal the top end of the 22% bracket?
3. Is there a maximum conversion amount in a year for each tIRA?
We have available cash to use for taxes on the conversions.