Tax-free from a fund that took a 22% reduction in 2024
OR
Pay 22% tax from a fund that was not reduced in 2024

The simple math says that is a wash.
The more complicated math considers RMDs and their effect on SS taxes and Medicare fees
The WAG comes with factoring in future gains, future changes in ROTH rules, future tax tables, and the tax status of heirs during the time they are required to make withdrawals.

IMO, a lot of information, some good, some not accurate. It doesn’t matter how much you have in taxable accounts, in Roth accounts, in pensions, if you want to save money on future taxes, then all you have to do is determine if cashing out of your ira/401 is beneficial or is it more beneficial to just take RMDs and pay taxes at that point. Also, there is no optimal Roth amount to have, if you have millions in your ira/401ks, then if you were going to do a conversion, then I would convert all of that money now or over time, I wouldn’t stop at 200k.
IMO, you missed out on the optimal time to convert to a Roth, you should have done it in 2020 when everything was down 30+% or more. Now, if your investments are at their peak, it’s the worst time to convert. In 2020, you would have sold all your Ira’s/401ks and paid much less in taxes because your gains would be at their lowest level, then you would have taken this Roth money and rebuy all investments you had before the conversion and then when the “v” shape recovery occurred, you would have recovered very nicely. Now, you will be paying much more taxes since your gains are at their highest and since the market is high, you won’t have the same environment to reinvest your new Roth money to make gains to recover your losses in your conversion, and in todays environment, there is just as much of a chance the market will go lower, which will be a double hit against you.
Also remember, if you open an Roth IRA today, you have the 5 year waiting period.
Any money made during your conversion, goes against your Medicare income and you will be paying much higher Medicare premiums for 2 years. Also, if your spouse happens to be on affordable care act and is subsidized, you will be paying some or all of that subsidize back.

What’s really bad doing a conversion is that you reduce the amount of money in your portfolio to make money in the future.

It doesn’t matter how much you have in your taxable accounts if your goal is to save money on Roth conversions. What matters is how much are your capital gains, dividend income you are getting on your taxable accounts that you are getting taxed on now.
For social security, there are many reasons to consider taking social security now or waiting until you’re 70. If you have to sell investments every month to live on, then taking social security now might make more sense, mainly because you will be in situations that you are selling when your investments are losing money so you have to sell more shares to meet your living needs, and this situation causes you to lose your ability to take advantage of the gains when the market recovers because you sold off more shares. I made buckets to put my money in. While I retired early, I had a bucket of money that I could live on for 2 years without selling any shares, invest this money in money market where they are treated as cash. That bucket got replenished with my taxable account dividends.

To answer your question about your personal tax consequences, a qualified tax preparer is certainly the best kind of professional to answer your question. CPA tax preparers are a good place to start your search as they know taxes. Your personal issue you described is not very unique. I suggest you search for a CPA tax preparer. Lots of them around. And you don’t _need_ a local professional. If you know one from wherever you came from, that could work.

You do not need a financial planner to answer the question that you asked. Some planners are good at technical taxation but I believe (from experience) most are not.

Unfortunately for you, most good tax professionals don’t want a one-off client for only 2-3 hours of work that you seem to want. They are too busy for small jobs like you ask. But you would more likely be accepted by a qualified tax preparer like a CPA as a client if you commit to become an annual tax client for your form 1040 returns.

Good luck.

Once you reach the point of RMD with traditional IRAs, conversion does not make a lot of personal sense. However, it does reduce the tax burden on your heirs. I look to do some conversion each year, depending on my tax situation that year, being careful it doesn't push me up another bracket.

Convert $$ up to 94K in adjusted(after deductions) gross income will keep you in the 12% bracket(married filing jointly). over that goes to 22%. That is what I do.

I agree with this.......................it doesn't matter much.

A lot of "professional fees" being generated.

:wave:

Currently, there are no taxes on Roth IRAs, and there is no inheritors’ income taxes. The same can be typed for taxable accounts on the inheritance income and for the inheritance estate with the markup at death. The only taxable part of a taxable account is some cap gains occasionally and income on dividends if the agi/ dividends are high enough throughout the life of the owner

I would add that the same tax free treatment does not apply to an inherited Traditional IRA, if the money was initially deposited as a tax deduction. Also, there are complicated IRS rules for when the heirs must withdraw the money and pay the income tax.

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.

I have an inherited IRA from my mother. It is not much but it is a gift that keeps on giving. I don't believe it is still an option. You are forced to withdraw every year from the time you get it.
Someone once told me the amount you are FORCED to withdraw forces you to reduce it to zero by the time you reach 100. Mine is in the market and is growing after my FORCED withdrawal.
MATH? How far past 100 will the IRS allow me to live?

Charles Schwab
 

Transfer your IRA account to Schwab. You will have the services of an advisor at no cost. Also, there is no cost to trade in stocks and bonds.

Schwab is not a tax pro as asked.

There seems to be a lot of misinformation being posted, a long with good information.

Each situation is different.

It all depends on the size of your IRA and your income.

Best to read some books, read the IRS regulations, understand how to complete your tax returns, and/or consult with a tax professional who can evaluate your particular situation.

I would not rely on any specifics here in this forum.

Please read a few books to understand what can and cannot be done. There is no one, simple solution for everyone.

read...
 

"The Retirement Savings Time Bomb" by Ed Slott.

This is correct

I doubt an advisor at a financial institution will give a customer personal tax advice like OP wants.