I wouldn't convert for this stated rationale. At 450K current income, converting an additional $1M in a single year seems spectacularly inefficient.Rationale for taking a large one time Roth conversion: We are in the second highest IRMAA bracket, and the jump from the second highest to the highest bracket is actually quite small.
I would suggest taking the time to think about your long term financial goals. If charity to outside entities is one, start donating via QCDs. If giving to individuals is another, start gifting up to 72K per year. High taxes are a luxury rather than a burden. But I wouldn't intentionally make them unnecessarily higher via this conversion.
Statistics: Posted by HeavyChevy — Sat Dec 21, 2024 1:24 pm — Replies 73 — Views 7471