How Can We Help?
< Back
You are here:
Print

roth conversion

Posted
Last Updated On
ByBob

L1: roth conversionIf I have itemized deductions in excess of income can I use the excess against the tax owed on the conversion to a Roth?
thanks2005-01-29 08:28, By: bob, IP: [67.76.12.209]

L2: roth conversionHello Bob:
You post is a bit confusing; however the fundamental answer is no. Itemized deductions reduce taxable income only and a Roth conversion increases taxable income.
TheBadger
wjstecker@wispertel.net
2005-01-29 16:00, By: TheBadger, IP: [66.250.23.21]

L2: roth conversionlet me clarify. $50000 itemized deductions; $20000 taxable income;$30000 conversion. Does this equate to zero tax?2005-01-29 16:21, By: bob, IP: [67.76.12.135]

L2: roth conversionYour best bet is to check with your accountant – it’s really an income tax question, not a 72(t) question. If you are doing your own taxes, get Turbo Tax (or one of the other electronic tax packages) and they will probably give you the answer that you are seeking. Good Luck!2005-01-29 17:04, By: Gfw, IP: [172.16.1.71]

L2: roth conversionGordon is correct this is a tax question, but here’s my comments:
Yes, you could generate taxable income by converting to aRothto offset itemized deductions. As long as your AGI (excluding the Roth conversion income) is under $100k.
After I left my job, I had quite a few itemized deductions with little, or no, income. I converted to a Roth essentially tax free.
2005-01-31 06:15, By: Gary T, IP: [24.145.164.87]

Table of Contents