I’ve conventional IRA account at $0 ( as I misplaced my small conventional account since I performed in choice and misplaced it. Massive lesson learnt)
I’m highest tax bracket. So for fy23 planning to max out conventional 401K after which put relaxation in mega again door after tax 401 Okay to Roth 401K (firm permits rapid conversions).
I’ve earlier 401K account nonetheless in earlier employer. Planning to place $6500 from my private saving account to conventional IRA for fy22 after which convert to Roth IRA and as soon as that’s accomplished transfer the outdated 401K to conventional account. Is that this proper strategy? Principally I’m doing this for five yr Roth rule and since my conventional is at $0 profiting from changing $6500 to Roth IRA so I pay much less taxes. As soon as I’m accomplished with it then transfer my outdated 401K to conventional account.Q1- can I convert $6500 from conventional IRA to Roth IRA contemplating I’m in greater tax bracket. 2. As soon as I convert them transfer my outdated 401K to Conventional IRA (however is not going to convert to Roth IRA as I have to pay taxes for these conversion as the quantity is large) please let me know if my strategy is correct.
