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As you note, there would be no immediate tax implications if you withdraw the funds from your Roth IRA since you are past age 59 ½. Because you are in the 35% income tax bracket, the rate you pay ...
Adults under 50 can contribute up to $7,000 to a Roth IRA in 2025, assuming they don't run into problems with the income limits, while those 50 and older can save up to $8,000.
If you converted the full $1.2 million IRA balance to a Roth IRA in 2023 and took the standard deduction ($15,700 in 2023 for people 65 and older), all or nearly all of the converted amount could ...
A major issue with Roth conversions is how you will pay the current taxes. In your case, you could come up with $25,000 a year from other sources or use a portion of the converted funds to pay the ...
After comparing your options, choose the provider you want to open a Roth IRA with so you can get started. Create an account. Go to the provider’s website, create an account, provide personal ...
This provision will allow you to save an additional $15,000 if you take advantage of it from age 50 to age 65. ... You can open a Roth IRA at most any brokerage or financial services firm. However ...