[GNC] Roth IRA conversion
Stephen M. Butler
Stephen.M.Butler51 at gmail.com
Mon Dec 19 18:11:17 EST 2022
On 12/19/22 14:53, Michael or Penny Novack wrote:
> On 12/19/2022 2:49 PM, David T. wrote:
>> Michael,
>>
>> While I fully respect your answer, with over 45 million IRA accounts
>> in the US (according to one source I found online), this is a pretty
>> common circumstance. It should be possible for basic guidance to be
>> given by *someone*, without all 45 million consulting an accountant.
>> I personally don't know the answer.
>
> The question was not about basic IRA accounting (or 401k accounting,
> which was your example)
>
> Usually people choose regular IRA or Roth IRA depending on whether
> they wanted to pay the income tax now (contribution time) or later
> (distribution time). So it is NOT "all the people with IRAs" but only
> "those few whose changed circumstances mean they now want Roth rather
> than regular". << this is one of the few "changed your mind" that the
> IRS allows >>
>
> For example, I might want to do this if I had regular IRAs and a huge
> loss of some kind that could be used to offset the imputed income of
> the conversion to Roth.
And I am doing the IRA to Roth conversion now that I'm on Social
InSecurity and paying no taxes. So it is tiny bytes each year!!
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