Your Money, Your Wealth cover image

How to Pay the Tax on a Roth Conversion - 349

Your Money, Your Wealth

00:00

Using Other Resources to Pay the Taxes

If i wiuth draw my four one k, i do not have to pay federal taxes. Any dollar that you take out of the four one k plan, you'll be subject to federal taxes and state taxes. The whole idea of tax diversification is for to be able to control your distributions when you pull the money out in order to keep yourself in the lowest tax bracket possible. But let's call it 11 thousand dollars, and then you get the whole ixty thousand in to the roth. Let's say you just want to convert ten thousand, right? And then your tax on that is 12 hundred box. Maybe you want to convert 20 thousand, 30 thousand, do some

Transcript
Play full episode

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!
App store bannerPlay store banner
Get the app