I'M 61 years old and a retired educator interested in withdrawing money from my Traditional IRA and also roll over some money into a Roth IRA. My questions are...
1. Can I roll my traditional IRA into a Roth IRA?
2. If so, what is the tax percentage to withdraw and to roll over?
3. Once my money is in a Roth IRA and have paid taxes on that money, will I be taxed again when I decide to withdraw money again from the Roth IRA?
4. I'm currently in the 22% tax bracket, what tax bracket would I fall under when I file my 2024 taxes if I choose withdraw $80,000 ?
- TIAA will already be taking 10% out, so I would be taxed again at tax time?
5.If I max out my Roth IRA yearly, would I have to pay captial gains on money earned if I withdraw in the future?
5. If I max out my Roth IRA at $8,000 yearly, would I have to pay capital gains on money earned if I withdraw?
