How to Pay the Tax on a Roth Conversion - 349

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 26 October 2021

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn the basics of Roth IRA conversions, how to calculate the tax on a Roth conversion, when to pay the tax, and more. Plus, ideas for what to do with unused 529 plan education savings funds, rules for 401(a) accounts, understanding the alternative minimum tax, the latest tax proposals, how to calculate employer solo 401(k) contributions - and that’s just the tip of the iceberg. Visit the podcast how notes for free financial resources and to Ask Joe & Al your money questions: https://bit.ly/ymyw-349

Transcript

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0:00.0	Today on Your Money, Your Wells Podcast number 349, Joe and Big Al, answer your questions about
0:06.0	paying taxes on your Roth IRA conversions, how to calculate the tax, when to pay, and more.
0:12.2	Plus, a couple months ago, many of you completed the YMIW podcast survey to help us make this
0:17.9	your favorite show. As part of that, we ask what questions you'd like to have
0:21.8	answered on the podcast, and today, the fellas start diving into that grab bag. They're offering
0:26.8	ideas on using 529 plan money, explaining 401A rules, the alternative minimum tax, and the latest
0:33.6	tax proposals, plus calculating employer solo 401K contributions, and that's just
0:39.1	the tip of the iceberg.
0:40.4	If you've got money questions, visit Your Money, Your Wealth.com, and click Ask Joe and
0:45.0	Big Al on air to send them in as a voice message or as an email.
0:48.6	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson,
0:53.2	CFP, and Big Al Clopine CPA.
0:57.4	Lisa. Liza. Liza, Manelli.
1:02.6	Right. Right to him from San Diego. Hi, Joe and Big Al. I'm a new listening to your podcast,
1:06.2	and I enjoy listening to both of you. I retired in December of 2020 and 61 because I have to take care of my mother.
1:14.1	My husband retired in 2015. We're in the 12% tax bracket. He probably answered a lot of questions
1:20.6	regarding Roth IRA. Now, this is... Have we ever talked about Roth conversions? First one. I would like to do a Roth conversion is it possible
1:32.0	please to give me calculations on how much to pay federal and state taxes on a $60,000
1:41.2	Roth conversion when I was planning to do a conversion at Vanguard,
1:45.4	they were asking me about tax withholding, and I don't know how much.
1:49.5	Another question is regarding my 401K and Roth 401K.
1:52.5	For my understanding, if I withdraw for my 401K,
	...

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