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PMIArts
Level 1
October 25, 2023
Question

How to determine tax impact of converting IRA funds to Roth IRA?

  • October 25, 2023
  • 1 reply
  • 10 views

Is there a good way to run such a calculation?  Will the Roth IRA money need to stay untouched for 5 years?

1 reply

TeriH
TeriH
Level 6
October 25, 2023

Thanks for joining us today.

 

The easiest way to run that calculation is to take the amount you intend to convert and multiply it by your marginal tax rate.    For more precision, you can drop the number in your return and see what the effect is.  Safest to play with that in a dummy account so you don't degrade the integrity of the live account.  

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