Welcome to the forum. ![:happy]( "smile")
Ordinarily $316k in tax-deferral does not trigger a need to do Roth conversions. But if your total income this year will be about $9k, a Roth conversion is essentially a no brainer.
The $9k does not even overcome the standard deduction - so you have no taxable income (although I assume there is a small amount of interest income from your $125k in cash.) Some money would be converted with no tax at all. The rest at a very low tax rate.
Can you confirm your total income from all sources in 2024?
How much are the calculators suggesting that you convert?
An annuity might make some sense for you, but I'm not sure the one you are looking at is a good choice (not sure it isn't either). That is a question for someone else (probably Stinky).
One thing that does concern me is that you apparently have a financial advisor. If this is someone you are paying 1% or 1.35% a year, the best thing you can do for your portfolio is probably to stop using the advisor.
Ordinarily $316k in tax-deferral does not trigger a need to do Roth conversions. But if your total income this year will be about $9k, a Roth conversion is essentially a no brainer.
The $9k does not even overcome the standard deduction - so you have no taxable income (although I assume there is a small amount of interest income from your $125k in cash.) Some money would be converted with no tax at all. The rest at a very low tax rate.
Can you confirm your total income from all sources in 2024?
How much are the calculators suggesting that you convert?
An annuity might make some sense for you, but I'm not sure the one you are looking at is a good choice (not sure it isn't either). That is a question for someone else (probably Stinky).
One thing that does concern me is that you apparently have a financial advisor. If this is someone you are paying 1% or 1.35% a year, the best thing you can do for your portfolio is probably to stop using the advisor.
Statistics: Posted by retiredjg — Mon Nov 25, 2024 7:43 am — Replies 7 — Views 805