Hi there,
I'm thinking of converting my IRA to Roth IRA, and have the following questions:
1. Will the entire amount converted to the Roth IRA subject to my regular (higher) Income Tax rate, OR, any gains/earnings will subject to the Capital Gain (lower) Tax Rate?
2. When do I have to pay the tax (not the tax withholding)? Do I need to pay Estimated Tax in the quarter that I did the Roth Conversion, OR, I can wait until the following filing deadline (i.e. 4/15/2023 if do the conversion now) to pay the tax?
Thanks for your information!
