topic Proforma tax IRA Conversion to Roth in Retirement tax questions

Proforma tax IRA Conversion to Roth

SF5-2 — Thu, 15 Jul 2021 17:59:55 GMT

Later in the year can I get Turbotax software to figure how much I can convert from IRA account to Roth so I don't go over $329,000 taxable income as I estimate capitol gains, dividends, employee income, pensions, charitable contributions so I will have idea of how much tax owed and so not pressing me into higher bracket than the $329,000?

Re: Proforma tax IRA Conversion to Roth

KochuK — Thu, 15 Jul 2021 18:57:43 GMT

Hi SF5-2, good day! Thank you for coming to TurboTax Special Forum.

TurboTax 2021 Online software won't be available until much later in the year.

In the mean time, you are welcome to use TurboTax Online 2020 software for planning purpose. You can create a user ID (different from the one you used to file your 2020 tax returns), input various income estimates with the variable being the Form 1099-R amount. Convert from Traditional IRA to Roth IRA will generate a Form 1099-R from the brokerage/custodian company.

Then use Tax Tools > Tools > View Tax Summary > Preview my 1040 to see the taxable income and tax liability.

Hope this helps!

Re: Proforma tax IRA Conversion to Roth

SF5-2 — Thu, 15 Jul 2021 19:46:50 GMT

Thank you.