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i need to move some money from a traditional IRA to a roth

IRA. what can I expect...
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?
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Answered in 2 minutes by:
9/4/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

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
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
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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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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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