Hello! My name is Swapna & I'm an Enrolled Agent & a Tax expert at Intuit. I've been a Texas resident for past 18 years. I love doing taxes & helping any way I can!!
You need to estimate your overall tax picture, including your RMD, Social Security, and any other income, and then use your RMD withholding to fill the gap.
IR...
The taxes on your distribution are calculated based on the Roth IRA Distribution Ordering Rules:
Contributions (always tax-free and penalty-free)
Conversions (...
To avoid penalties, you must meet one of these safe harbor thresholds:
Pay at least 90% of your current year’s tax liability, or
Pay 100% of your prior year’s ...
No, the amount you convert through a backdoor Roth IRA does not count toward your Modified Adjusted Gross Income (MAGI) for the purpose of determining eligibili...
Your understanding of the Social Security (SS) taxation formula is correct. The amount of Social Security included in your Medicare MAGI calculation is only the...
