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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I am not a tax pro. First thing to realize is you pay your top tax rate on every dollar you convert to a ROTH. If, you are now dealing with RMD, required minimum withdrawals, you also pay your top tax rate on those. Assuming the money was in the stock market there are no long term capital gains. The TAXMAN has been drooling over YOUR MONEY all these years.
INVESTIGATE before doing it. You can give RMD to a 5013C charity and then you pay not tax on it. Needs to be done right. Your brokerage can guide you. Beware, I was told you can take the money and then give it to a charity. THAT IS WRONG. You touch the money and the TAXMAN will demand his cut of YOUR MONEY.