rollover from 401k to Roth

Forum|Forum|5 years ago
March 10, 2021
1 reply
17 views

My father in law is 66 and is looking to rollover or move funds from his 401k to a Roth IRA. looking to figure out how much he can take out from the 401k and moving to his new Roth IRA before getting moved to a new tax bracket. Is there a way to do that with Turbo Tax? Next year they he will only be getting social security. Could use some advice on how to figure this out.

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Best answer by DavidD66

You could create a What If return using TurboTax. Create a NEW account - do not use an existing TurboTax account. You can then run hypothetical scenarios with different amounts of ROTH IRA rollovers.

You can also use the Tax Bracket Calculator 2020 It should be updated for 2021 in the not too distant future. As it stands now, there are not any significant differences between 2020 and 2021 rates and brackets.

DavidD66Answer

Level 15

You could create a What If return using TurboTax. Create a NEW account - do not use an existing TurboTax account. You can then run hypothetical scenarios with different amounts of ROTH IRA rollovers.

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