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April 11, 2020
Question

IRA to Roth IRA conversion

  • April 11, 2020
  • 1 reply
  • 0 views

I retired in 2019 and I'm over 59.5 years old. 2020 will be a low income year. I would like to do a traditional IRA to Roth IRA conversion to take advantage of my new lower tax bracket. I know the money is taxed as regular income but what I'm trying to find out is if I need to start making quarterly estimated payments. If so, how do I determine the payment amounts.

1 reply

April 11, 2020

I would recommend using the IRS Tax Withholding Estimator to find out if you have enough withholdings or if you need to make quarterly estimated payments.

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