This is my first post here, so if it is not the right forum, please advise.
I am turning 73 this year and just ordered my first RMD. It dawned on me that in three years, when my wife turns 73 and starts taking her RMDs, our tax liability will grow substantially.
Is there a software which helps analyze the situation, e.g. transfer $10,000 from Traditional to ROTH Ira, pay $2,500 in taxes, then 2027 RMD will change from X to Y, with corresponding reduction in taxes?
Thank you!
I am turning 73 this year and just ordered my first RMD. It dawned on me that in three years, when my wife turns 73 and starts taking her RMDs, our tax liability will grow substantially.
Is there a software which helps analyze the situation, e.g. transfer $10,000 from Traditional to ROTH Ira, pay $2,500 in taxes, then 2027 RMD will change from X to Y, with corresponding reduction in taxes?
Thank you!
Statistics: Posted by mostly_patient — Tue Mar 19, 2024 8:38 am — Replies 3 — Views 212
