You probably could do to the top of the 22 or 24% brackets now given that tax rates are set to go up in 2026. Your accounts still may grow but will grow more slowly with the conversions. Likely you will be getting the $20k of pension adjustment for NYS once you are 59.5 although if not, the IRA distribution should also qualify. Once husband is retired, you ought to continue to convert heavily at least until the year he turns 63 as it will impact his IRMAA charges two years hence. A lot of BHs decide IRMAA surcharges are not significant enough to not convert. In your case, I'd wait and see what the situation and brackets are then for post 63. Might be good to delay SS and live somewhat off the IRA and pensions while doing some conversions. With both having pensions and SS, once RMDS kick at 75, you likely will be in a higher tax bracket with the maximum of your SS being taxed. I don't think NY taxes SS, so having a larger delayed SS benefit might prove advantageous. QCDs after 70.5 would be worthwhile investigating if you make charitable contributions.
Statistics: Posted by Carl53 — Wed Aug 07, 2024 2:33 pm — Replies 10 — Views 313