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Level 1
posted Oct 30, 2024 9:15:47 AM

Roth Conversions

Is there a good tool for calculating the consequences of converting a certain amount of 401-K IRA money into a ROTH account with a brokerage account.

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1 Replies
Employee Tax Expert
Oct 30, 2024 9:41:13 AM

Hello phharaustt2023,

 

If your total income for the year (W2, investment income, any other income) will remain same as prior year, you can use your tax rate to estimate how much tax you will pay on your conversion  assuming you will remain in same tax bracket. You can also use our tax calculator to estimate total tax liability for the year. If you have TurboTax desktop, you can also create dummy return to see how different conversion amount will impact your taxes.  See below links for more info. 

 

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?srsltid=AfmBOooikQOIA5ThHgfLveBXApvDzM_qJZHIEaH9XwnmZRV_9NmWDW6u

 

https://blog.turbotax.intuit.com/taxes-101/taxes-101-ira-conversions-1946/

 

 Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!