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    1. S

      Trad IRA rollover to Roth with no earned income?

      Part 1 of the 8606 says "if you took distributions from a traditional, SEP, or SIMPLE IRA" so I think I'm good. Thank you to all who've replied! This forum is one of the best I've ever found in all the years since late 1995 when I was first able to go online via a 56k dial-up account via a...
    2. S

      Trad IRA rollover to Roth with no earned income?

      By a loss, you mean the distribution proceeds are lower than my basis? (I'm WELL above the basis. This Trad IRA has been inactive since the mid '80's when my income reached a point where no more deductions were allowed.) Will have to google the wash rule.
    3. S

      Trad IRA rollover to Roth with no earned income?

      So, like this? $22k, with no withholdings, go to the Roth. Then four $1,500 distributions pulled out (i.e. the ballpark $6k taxes divided by four for estimated tax payments) in the remainder of 2020, again with no withholdings, but each $1,500 goes directly to the IRS? Total 2020...
    4. S

      Trad IRA rollover to Roth with no earned income?

      Withdrawing now will mean lower taxes on the amount taken out.
    5. S

      Trad IRA rollover to Roth with no earned income?

      Probably wasn't clear. The whole $28k would have to be put into the Roth, not the entire Trad IRA holdings.
    6. S

      Trad IRA rollover to Roth with no earned income?

      Perhaps I am - I'm noted for that - but overthinking is free...UNDERthinking might cost me a few thousand. :cool:
    7. S

      Trad IRA rollover to Roth with no earned income?

      The brokerage in question is SOFI, and they said they are not equipped "yet" to handle tax withholdings. Though that it implies it will change, it is the first time I've ever encountered that at any brokerage. If they don't withhold taxes...ever...then it looks like I'd be on my own to pay my...
    8. S

      Trad IRA rollover to Roth with no earned income?

      FOLLOW UP: I attempted to cash out $28,000 from a Traditional IRA. (I can safely take a $28k distribution without pushing myself into a higher tax bracket.) My intention was to put $22k of that into the Roth, and use the remainder to pay the estimated taxes on the distribution. The broker...
    9. S

      Trad IRA rollover to Roth with no earned income?

      This thread, and you guys, have been invaluable. Again, there is more good info here in a few days than I've been able to find in the past month!
    10. S

      Trad IRA rollover to Roth with no earned income?

      So the, let's say, $30K, from the Trad IRA under this scenario would still have to stay in the existing Roth for five years? And I presume as long as I don't take any distributions, I can move it between investments/brokerages.
    11. S

      Trad IRA rollover to Roth with no earned income?

      You have provided more info in one afternoon than I was able to obtain in about a month of searching online and emails! THANK YOU SO MUCH!(y)(y)(y) My rough calculation says to have $30k to put into the Roth, I'd actually have to take out $38k to have $30k after 22% taxes are withheld. The...
    12. S

      Trad IRA rollover to Roth with no earned income?

      I'm a 63-year-old Federal annuitant. No earned income, just my monthly annuity. Florida resident since 2002. I have questions concerning a rollover from a Trad IRA into a Roth but get contradictory answers, even from H&R Block. I have a Traditional IRA valued (today anyway) at $71k-ish...

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