Does it make sense to convert to a Roth IRA from a Regular IRA when you are already 70 years old?

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  • Anonymous
    1 month ago

    That would depend on why you are considering it. Will the amount to be converted bump up your tax bracket? If so, then it probably is not worth it. You will have start taking RMD's at 72, unless you've already been hit with them, so you'll be paying taxes on that IRA one way or the other. There is plenty of free information on the Web from actual financial planners that I would trust more than the people on Y!A.

  • 1 month ago

    Yes.  Look for a 10 year payback financially...might make it, might not.  However, if you are hoping to avoid mandatory distributions and looking for your heirs to inherit something...perhaps it's still worth it.  In some cases accepting the mandatory distribution will put you in a higher tax bracket.

  • Amy
    Lv 7
    1 month ago

    If you have no other taxable income, I would definitely convert $50K this year so you stay in a low tax bracket.

    You're about to hit RMD age, so you'll have substantial taxable withdrawals even without the conversion. Do the math on the best distribution over time to minimize your tax bill (keeping in mind that the recent tax cuts expire in 2025).

  • Anonymous
    1 month ago

    Do you mean regular to roth?

    I am 57 and have no plans to convert mine.

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