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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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i need to move some money from a traditional IRA to a roth

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i need to move some money from a traditional IRA to a roth IRA. what can I expect to pay in tax for this transaction?

MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

MyVirtualCPA :

How much did you move, and what is your filing status

MyVirtualCPA :

what is your other income for the year?

MyVirtualCPA :

How much tax you pay depends on how much money you make elsewhere, what your filing status is, etc.

Customer:

going to move about $3,900

Customer:

household income is about 112,000

Customer:

filed married jointly

MyVirtualCPA :

okay thank you for that information

MyVirtualCPA :

You're roughly in the 25% tax bracket so this would be about $975 in taxes

Customer:

okay, thank you!

MyVirtualCPA :

You're welcome. If you would, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

will do

MyVirtualCPA :

Thanks so much!

MyVirtualCPA :

You can use the rating feature along the bottom of your screen

Megan C and 2 other Tax Specialists are ready to help you
Thanks, Tharon for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.

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