Did my first Roth Conversion at E-Trade today. Pretty painless (except the taxes). Transferred shares in-kind plus a little cash. All online and it took about an hour to process ![:)]( "Smile")
, although the form said it would take one-two business days ![:(]( "Sad")
. I used the the Boglehead Personal Finance Toolkit and confirmed the taxes with FreeTaxUSA. I did see a marginal tax bump for NIT but other than that everything went as expected in the 22% & 24% brackets.
One thing I had wondered about was if the conversion would impact my ability to make a Roth IRA contribution in 2023. Reviewing IRS Pub 590A, Worksheet 2-1, I see Roth Conversions are subtracted out (line 2) so they don't affect the income restrictions for Roth contributions.
The E-Trade online form did ask if I wanted to transfer the funds into an existing Roth IRA or a new one. I did a search and didn't see any discussion of this so I just used the existing account.
, although the form said it would take one-two business days 
. I used the the Boglehead Personal Finance Toolkit and confirmed the taxes with FreeTaxUSA. I did see a marginal tax bump for NIT but other than that everything went as expected in the 22% & 24% brackets.One thing I had wondered about was if the conversion would impact my ability to make a Roth IRA contribution in 2023. Reviewing IRS Pub 590A, Worksheet 2-1, I see Roth Conversions are subtracted out (line 2) so they don't affect the income restrictions for Roth contributions.
The E-Trade online form did ask if I wanted to transfer the funds into an existing Roth IRA or a new one. I did a search and didn't see any discussion of this so I just used the existing account.
Statistics: Posted by GuyInFL — Thu Dec 28, 2023 11:18 am — Replies 1 — Views 151