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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13119
Experience:  15years with H & R Block. Divisional leader, Instructor
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I consider transfer my Traditional IRA to a Roth

Customer Question

I consider transfer my Traditional IRA to a Roth IRA because my income in 2016 is less than it will be in any future year. I know if I convert whole amount, I will land in a high tax bracket, so I probably need to convert just part.
Could you give me an advice?
Thank you in advance,
Your Mike
Submitted: 5 months ago.
Category: Tax
Expert:  Robin D. replied 5 months ago.
HelloWhen you convert from a Traditional IRA to a Roth IRA you pay income tax on the contributions. The taxable amount that is converted is added to your income taxes and your regular income rate is applied to your total income.If you'd like to reduce the tax impact without an "all or nothing" conversion, you can do a partial Roth conversion. In the past to be able to convert from a Traditional to a Roth IRA your income needed to be under $100,000. The IRS rules have changed and there is no longer an income cap in place.
Expert:  Robin D. replied 5 months ago.
Checking to see if you responded