Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jcd
New Member

I have 115,000 taxable income before taking a Roth conversion. I assume I can convert 38,000 and stay within my 25% tax bracket of 153,100 maximum. Is this true?

 
3 Replies
SweetieJean
Level 15

I have 115,000 taxable income before taking a Roth conversion. I assume I can convert 38,000 and stay within my 25% tax bracket of 153,100 maximum. Is this true?

"my" 25%  bracket you cited is for MFJ. Single is different.
Hal_Al
Level 15

I have 115,000 taxable income before taking a Roth conversion. I assume I can convert 38,000 and stay within my 25% tax bracket of 153,100 maximum. Is this true?

Yes, but hat's only *approximately* true. The additional $38K is income and changes your AGI and AGI governs other tax benefits. Common ones include medical deductions, tuition deductions and credits, child tax credit. 

TurboTax (TT) download software can be used to do trial returns to see the effect of changes. The tool is also useful. https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1

TurboTax Online (TTO) is not very useful that way

SweetieJean
Level 15

I have 115,000 taxable income before taking a Roth conversion. I assume I can convert 38,000 and stay within my 25% tax bracket of 153,100 maximum. Is this true?

and remember your State taxes.
Dynamic AdsDynamic Ads
Privacy Settings
v