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Pulling $$ out of a 401k and transferring it to a Roth IRA?

I am 65 and I understand I need to pull money out of my 401k once I reach the age of 70, I would like to know how much I should pull and transfer every year to a Roth. I am still working and have a cash account of $100k so I don't plan to touch my 401k or Roth for quite some time

Jul 15, 2018 by Luther in  |  Flag
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Roth conversions are taxable as ordinary income the year the conversion is made. I would suggest only converting an amount that will not push you into a higher tax bracket. If your tax bracket will be lower once you retire, that might be the time to start converting to a Roth. Is this a 401(K) with a current employer? Does the plan allow for in-service distributions?
This is not intended to be tax advice as I not a tax professional.

1 Comment   |  Flag   |  Jul 27, 2018
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