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Returning Member
posted Oct 30, 2024 11:55:51 AM

Roth conversion

We (Married filing jointly) have no income in 2024 (only lived off of savings) and was the same in 2023. We are interested in converting some IRA money to Roth IRA, can you answer the following:

1. How much can we convert for one tax year?

2. What is the minimal conversion amount that triggers a taxable event? We would like to limit the tax impact as much as possible?

0 1 3147
1 Replies
Level 15
Oct 30, 2024 12:01:32 PM

No, there is no limit to how much you can convert to a Roth IRA from a traditional retirement account. The standard deduction for MFJ is 29,200 if under age 65 so any amount less than that would not be taxed.