You wan't have to pay any tax penalties if you pay your tax in a timely fashion by making an estimated tax payment after you incur the income. Example: Convert in December, make estimated tax payment by the mid-January deadline. Just make sure you have enough cash around to make the tax payment by using https://www.irs.gov/payments/direct-pay ... nk-account
Such a large conversion will put you in IRMAA, but I suspect you are already paying IRMAA based on your millions.
Since it appears that you will convert in the very top tax bracket, maybe your children would be in a lower tax bracket?
Such a large conversion will put you in IRMAA, but I suspect you are already paying IRMAA based on your millions.
Since it appears that you will convert in the very top tax bracket, maybe your children would be in a lower tax bracket?
Statistics: Posted by livesoft — Sun Nov 10, 2024 5:16 am — Replies 2 — Views 178