I am 61 years old and in 2020 I made an uneducated movement from my traditional IRA to my Roth IRA.
I now face more or less $ 40,000 in taxes. I don’t have a job right now. I am divorced and do not receive any pension or alimony. So the only way I can pay those taxes is by taking the amount either from my traditional IRA or from a Roth IRA. Which one has less economic impact for me?
That question was answered by Jeffrey Levine, chief planning officer of Buckingham Wealth Partners, in this episode of Ask the Hammer.
Do you have questions?
Email AsktheHammer@BuckinghamGroup.com.
More Ask the hammer
How much should I spend on an engagement ring?
Is it worth getting earthquake insurance?
What should I do with my finances in advance of cognitive decline?
How can I reduce my taxable income?
Should I use family benefit or my social benefit?
Do I need to work another quarter to qualify for Social Security?
Should I invest in real estate as a way to diversify my portfolio?
Do I need a Roth IRA conversion plan?
How should I invest a portion of your fixed income portfolio
Should parents provide financial support to adult children?
What is the value of the risk tolerance questionnaire?
Tips for choosing the best option for paying out a retirement plan
What are the distribution rules for legacy IRA users?
Should we worry about national debt?
What are the tax consequences of selling assets in UTMA or UGMA
