I thought I had figured this out, by reading a ton on the subject, but not as I am to pull the trigger I am second guessing myself.
I would appreciate any insight on my thinking:
Married filing jointly
40k income from interest and dividends
no W2 or other sources of income currently, early retired living of dividends/interest/savings, not planning on taking capital gains this year
About 250k in an IRA from a 401k rollover not at VG
about 50 k in a Roth IRA at VG that I haven't contributed to in 7 or 8 years.
I'm thinking about rolling over 54 k from the IRA to fill up the 12% tax bracket
This would generate $6480 in taxes, which I would pay out of savings in a taxable account
Is it really as simple as clicking the rollover button in the account and making a tax payment from my savings account?
My main motivation is a potential move to a country not recognizing the tax advantaged nature of US accounts and wanting to simplify my situation.
What am I missing?
Every time I want to pull the trigger, I get paralysed.
I already missed the boat for the 2023 conversion (I assume nothing I can do about that now), but I am trying to do this in 2024 now and am wondering again if I am overlooking something.
Thank you for any insight/encouragement/feedback
I would appreciate any insight on my thinking:
Married filing jointly
40k income from interest and dividends
no W2 or other sources of income currently, early retired living of dividends/interest/savings, not planning on taking capital gains this year
About 250k in an IRA from a 401k rollover not at VG
about 50 k in a Roth IRA at VG that I haven't contributed to in 7 or 8 years.
I'm thinking about rolling over 54 k from the IRA to fill up the 12% tax bracket
This would generate $6480 in taxes, which I would pay out of savings in a taxable account
Is it really as simple as clicking the rollover button in the account and making a tax payment from my savings account?
My main motivation is a potential move to a country not recognizing the tax advantaged nature of US accounts and wanting to simplify my situation.
What am I missing?
Every time I want to pull the trigger, I get paralysed.
I already missed the boat for the 2023 conversion (I assume nothing I can do about that now), but I am trying to do this in 2024 now and am wondering again if I am overlooking something.
Thank you for any insight/encouragement/feedback
Statistics: Posted by FamaIgnorata — Fri Aug 16, 2024 10:38 pm — Replies 4 — Views 713