If you have reached RMD age, that amount must come out of your IRA first, so any conversion has to be on top of that. A Roth conversion at that point could throw you into IRMAA’s territory — but it might be worth it. (Keep in mind that you can lessen the taxing of an RMD or possibly keep out of IRMAA’s clutches with QCDs if you are charitably inclined.)
Also, before conversion, be sure you understand the 5 - year rule. ( I am still not sure if I have that one straight.)
All that being said, I highly encourage looking into converting from IRAs to Roth if the numbers work for you. There might be a sweet spot for you to do this between retirement and RMD age.
The OP makes an excellent point about doing this if you can when the market is down. Converting shares of stock in-kind might be worth looking into. You might be able to convert more shares while we are in this down market.
Yes. It is time, like the OP said, to think about Roth conversions for the 2023 tax year if you think that could work for you.
Boomer
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Pogo was right.
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