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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1304
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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I have a traditional ira worth about $140000. I also have a

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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: 8 years ago.
Category: Tax
Expert:  Mark D replied 8 years ago.

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.


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