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Deductions & credits
Q. Do I need to withhold tax for that $20K that I wish to convert?
A. No. The taxable amount will be small (the interest on the cash).
You don't save any tax by limiting your conversion amount to the $20K you put in. You can convert the whole account with no, or close to no, difference in the tax due.
‎April 20, 2023
5:26 PM