Today on Your Money, Your Wealth podcast number 371, when do you pay the taxes on a Roth IRA conversion to avoid any penalties?

Was it a mistake to convert to Roth?

What percentage of your assets should be in tax-free, tax-deferred, and taxable accounts to give maximum flexibility?

And finally, do Roth conversions count as income toward your eligibility to contribute

to a Roth and how will a pension be taxed? Those will be with a special guest, so stick around.

In the meantime, I'm producer Andy Last with the hosts of Your Money, Your Wealth, Joe Anderson,

CFP, and Big Al Clopine CPA. And it's Your Money Questions that make YMYW a show.

So send them into us. Visit Your Money, Your Wealth.com, and click Ask Joe and Big Al on air,

and send us an email or a priority voice message like this one.

Hi, Andy, Joe and Big Al. I'm John from Atlanta. I'm 62 years old and I love listening to your broadcasts and podcasts. Thank you very much for educating so many folks. And my question today is regarding paying the taxes on Roth conversions. I am retired and I intend to do annual

Roth conversions to the top of the 24% bracket. And for me, that's going to be a couple

hundred thousand a year. And I hear different financial planners talking about the timing

of paying the taxes, whether those need to be paid immediately,

paid in the quarter in which you take the conversion, paid in the calendar year, and now lately I've heard a few financial planners say it's okay to wait until April 15th of the following year to pay the taxes.

So I'm just trying to figure out whether there would be a penalty if you don't pay the taxes

in the calendar year that you do the conversion.

Thanks.

Cool.

Thanks, John.

Appreciate the phone call or phone message.

Yeah, yeah, good question. And it relates to,

we all know that we do in a Roth conversion. You're taking money out of an IRA. You're converting

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