Reply To: Ira to Roth conversation for 2020

Home Fairmark Forum Retirement Savings and Benefits Ira to Roth conversation for 2020 Reply To: Ira to Roth conversation for 2020


my understanding is that since no RMD is required in 2020, there is no way that you can be penalized for something that does not exist. Therefore your first and only action will be a conversion.

Personally I wanted to take a QCD this year as usual because of the pandemic situation and charities needing funding. Normally I take my QCD first, then do the remaining portion of my RMD, and finally do a Roth conversion. I just completed my QCD (which will not show up on my 1040 as taxable income) and the next thing I will do is do a Roth conversion of the remaining amount of what would have been my RMD. Then depending on circumstances I may do an additional Roth conversion so as to not exceed the IRMAA amount for this year.