Quote:
Originally Posted by Tom52
Can anyone recommend someone like a tax pro who would help me determine the tax consequences of, and recommended amount to convert from a conventional IRA to a Roth IRA?
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Tom, I would like someone on this site to actually answer the original question, just once and not spout their opinions.
I have been using Boldin (formerly NewRetirement) software to model retirement… cost is about $95 a year. I’ve modeled conversions to highest tax bracket, conversions to 22-24% bracket, no conversions, dying at 85/95, one spouse before the other and what I found is, one, we’re not going to outlive out savings, and two the money left when we both die is approximately the same with our without conversions… BUT… with conversions, our daughter and potentially grandkids will have a whole bunch of money that is tax free. No conversions leaves a bit more money than massive conversions (approx $1-2M more), partial conversions is a break even but a huge conversion leaves many more millions that are tax free.
If you come across someone here in TV that could help with this, please message me.
thanks in advance…