JustAnswer > Tax
Ask A Question|Register|Login|Help
JustAnswer

Tax
Ask a Tax Question, Get an Answer ASAP!

Have your own Tax question?

5 Tax Professionals are Online Now
characters left:
Not a Tax Question?

Related Tax Topics:

  • Ira
    • ,
  • Pay
    • ,
  • Tax
    • ,
  • Roth
    • ,
  • Local
    • ,
  • Rates
    • ,
  • Years
    • ,
  • Income
    • ,
  • Social
    • ,
  • Bracket
Bookmark and Share

Question

I have a traditional ira worth about $140000. I also have a roth ira worth about 25000. I would like to convert the traditional ira to the roth ira and would like to know how much tax I would have to pay, if any, for the conversion. I am 57 years old and disabled and receiving social security disability if it matters.

Submitted: 51 days and 9 hours ago.
Category: Tax
Value: $30
Status: CLOSED
+
Read More

Optional Information

State/Country relating to question: Washington

Already Tried:
I've read the irs rules and can't understand how much would be taxable, if any, since I'm disabled.

Accepted Answer

XXXXXXX,

All pre-tax contribution and earning amounts of the Traditional IRA would be taxable upon conversion to a ROTH. There would be no 10% penalty on a ROTH conversion, however, you would pay income tax at your regular rates. Please be aware you rates may be higher than expected as the taxable conversion may lead to a higher tax bracket. To avoid potential costly mistakes, you should consult a local tax pro to discuss your personal details, and perhaps spread the conversion out of several years if needed. Please let me know if you have further questions.

Regards,

XXXX X

Picture
Expert: Mark D
Pos. Feedback: 99.6 %
Accepts: 
Answered: 10/2/2009

Tax Preparer

MBA, CTEC Registered, CPA Firm Experience with Business and Individual Tax Returns and Issues

+
Read More

Related Tax Questions

  • is preschool deductible ...
  • executor
  • Is a clergy housing allowance subject to New Jersey state .....
  • I filed my federal taxes , i forgot to put in my EIC info.
  • N2 + O2----> 2 NO ^H= +43.2 kcal How much ...
  • on what web site can i use a medical dictionary
  • Hot tub medical necessity
  • if I rec'd an automobile (valued at $28,000) as a



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.