pb4uski
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I put Roth conversions as Unearned Income.
+1 that's where it belongs
I put Roth conversions as Unearned Income.
I need to look at the calculator again - I didn't see a spot for unearned income, so my 'fix' was to put the conversion as Earned and remove the taxes for SS and Medicare. Thanks for the responses.
Re: the IRS tax calculator. If I only have Roth conversions for the year, I would input those under Earned Income and uncheck the Social Security and Medicare tax boxes, correct? (Ie, only Federal income tax withheld doing a conversion, not other taxes?)
Unrelated and yes.A Roth question I've never been clear on: is the conversion "in place of" your yearly Roth contribution, or is it unrelated? Can you do a Roth conversion AND also put the full $8000 into your Roth?
Yes, unless there is more to the situation, TT can handle all of that.I'm never sure of my income until my CPA does my taxes. I still have some LLC income, rental income, Income Reduction Act credits, etc so basic tax calculators don't cut it for me. I've never managed to get my taxes done before 4/15 so I just have to guess on my income level. If anyone knows of a better calculator I'd like to hear about it. Can TurboTax handle all of that?
Don’t forget to check your states income tax deductions as well. I screwed up in 2023 because I neglected to realize that a $30k Roth conversion cost me an added $2500 in state tax because it put my taxable income above $95k and this would have been the first year eligible for the age 65 pension deduction.
That wouldn't hurt, and you should have it from past tax returns.Thanks @SevenUp! Do I need to have the depreciation history from my CPA to calculate it properly?