05-23-2006, 05:39 AM
| |||
| |||
 Re: Roth Conversion Question antonr01[at]yahoo.com wrote: - quote - > I am being advised to convert some of my IRA money to Roth.
From this article;> I feel I am being advised wrongly becuase my son is entering > college next fall, and is receiving a substantial amout of > financial aid that is based somewhat on my Adjusted Gross > Income. If I convert, say 50K of IRA money to Roth, I would > be responsible for the tax on the 50k. Doesn't that 50k get > added to my AGI. If so, that might significantly reduce my > financial aid. Has anyone run into this situation? http://www.kiplinger.com/personalfin...7/story11.html or http://tinyurl.com/pcyjd you are correct, the conversion will boost your income. You should probably hold off on any income-producing activity (such as this) until senior year is paid for. JOE << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#-1
05-20-2006, 06:34 AM
| |||
| |||
| Roth Conversion Question I am being advised to convert some of my IRA money to Roth. I feel I am being advised wrongly becuase my son is entering college next fall, and is receiving a substantial amout of financial aid that is based somewhat on my Adjusted Gross Income. If I convert, say 50K of IRA money to Roth, I would be responsible for the tax on the 50k. Doesn't that 50k get added to my AGI. If so, that might significantly reduce my financial aid. Has anyone run into this situation? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| conversion, question, roth |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Roth conversion question George: I have a conventional IRA and may convert a portion to a ROTH. I know I will need to add the amount to my normal income for income tax purposes. I... | Taxes | 9 | 12-23-2005 02:57 AM | |
| Does the 5-year wait period still apply in Roth conversion after age 59.5 or 70.5 and a question of how many days you have to roll from trad IRA to Roth. David Jensen: Does the 5-year holding period still apply in a traditional IRA to ROTH IRA conversion if you do so after age 59 1/2? What about if done after age... | Taxes | 1 | 03-25-2005 04:28 AM | |
| Roth IRA Conversion - What amounts are taxable in the conversion year. David Jensen: If one converts an Sep-IRA to a Roth IRA and the Sep-IRA contains growth from dividends that were classed as "return of capital" and therefore not... | Taxes | 11 | 01-24-2005 05:07 AM | |
| Roth Conversion Question Guy Scharf: I am considering rolling over about $30K from a retirement fund to a Roth IRA. I assume that is still permissable. I have very little income for... | Taxes | 14 | 01-02-2005 07:27 PM | |
| Roth Ira Conversion alex turchina: Does the AGI $100,000 limit for a IRA to Roth IRA conversion includes the amount converted or is the limit for other income before the IRA... | Taxes | 7 | 01-13-2004 03:49 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
