Wife's Retirement Account Rollover

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  • Avatar Peds 
    Status: Physician
    Posts: 3618
    Joined: 01/08/2016
    But if I underestimate my AGI, I could end up paying 22% on this conversion, correct?

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    just the part that is over, yes.


    #197153 Reply
    jfoxcpacfp jfoxcpacfp 
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7329
    Joined: 01/09/2016
    However, now that I look even further into the future, once I am an attending in 2.5 years, I will pay much higher taxes on the conversion, anyway. So perhaps it would be better to just convert as much as I can at this point without worrying about staying in the 12% marginal tax bracket and just limit myself by how much of the tax bill I foresee being able to cover.

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    This is the correct line of thinking given where you are in your career. Keep in mind that, in the big scheme of your lifetime plan, it will matter relatively little. But, yes, you want to make good decisions at each stage. The future is unpredictable and all you can base your plan on is with the information available currently available to you. Things change – it’s the nature of ongoing financial planning.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555

    #197177 Reply

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