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lehnerwm
Level 2
November 28, 2023
Question

Recharacterization from IRA to Roth

  • November 28, 2023
  • 6 replies
  • 18 views

My wife is 72, and next year (2024) she need to start making withdraws from her IRA.  Can she recharacterize $22,000 this year.   What are the tax liability.  Current we are in the 16% tax bracket. 

 

 

    6 replies

    N
    NCperson
    Level 15
    November 28, 2023

    are you asking if you can do a Roth Conversion?  if so, yes. 

     

    is the tax basis of her IRA zero?

     

    How did you arrive at $22,000?

     

    Where did you get your tax bracket from?  the tax brackets are 10, 12%,  22%, 24% am 32% - there is no 16%.   

      L
      lehnerwmAuthor
      Level 2
      November 28, 2023

      Thanks for the Quick response!

      My wife did not donate to her IRA this past year.  The $22,000 is the amount I would like to recharacterize.  If I do more than that, my wife and I will be in a high Medicare bracket in 2025.   Is there a ceiling on how much can be recharacterized in one year?  The 16% is the amount I pay on my federal taxes last year.

      Bill

       

      fanfare
      fanfare
      Level 15
      November 28, 2023

      based on your second comment you already know the tax consequences. It is ordinary income.

      It is a conversion you are looking to do, not a recharacterization.

      There is no limit on the amount you can convert in one year.

       

      @lehnerwm 

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