Gardening Grandma
Senior Associate
Joined: Dec 20, 2010 13:39:46 GMT -5
Posts: 17,962
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Post by Gardening Grandma on Nov 26, 2019 11:53:31 GMT -5
I need to get a good estimate of our 2019 taxes so I can figure out whether/how much to transfer to a Roth IRA. I found this tool on the Bogleheads' forum and it really is good, imo. (Ignore the "mortage calculator". The tax calculator is right there.) Without the Roth conversion, we'd get a refund. I'd rather do a Roth conversion and break even on the tax owed/refund. www.mortgagecalculator.org/calcs/1040-calculator.php |
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phil5185
Junior Associate
Joined: Dec 26, 2010 15:45:49 GMT -5
Posts: 6,409
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Post by phil5185 on Nov 26, 2019 12:23:31 GMT -5
Without the Roth conversion, we'd get a refund. I'd rather do a Roth conversion and break even on the tax owed/refund.
Ie, you arrange important financial transactions to force your year-end bill to be zero? Aka, the tail wagging the dog.  |
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Gardening Grandma
Senior Associate
Joined: Dec 20, 2010 13:39:46 GMT -5
Posts: 17,962
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Post by Gardening Grandma on Nov 26, 2019 13:05:42 GMT -5
Without the Roth conversion, we'd get a refund. I'd rather do a Roth conversion and break even on the tax owed/refund.
Ie, you arrange important financial transactions to force your year-end bill to be zero? Aka, the tail wagging the dog. I have the choice of getting a refund or using the refund to pay taxes on a Roth. If you want to call that wagging the dog, have at it. |
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MN-Investor
Well-Known Member
Joined: Dec 20, 2010 22:22:44 GMT -5
Posts: 1,937
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Post by MN-Investor on Nov 26, 2019 14:23:35 GMT -5
I need to get a good estimate of our 2019 taxes so I can figure out whether/how much to transfer to a Roth IRA. I found this tool on the Bogleheads' forum and it really is good, imo. (Ignore the "mortage calculator". The tax calculator is right there.) Without the Roth conversion, we'd get a refund. I'd rather do a Roth conversion and break even on the tax owed/refund. www.mortgagecalculator.org/calcs/1040-calculator.phpBy the way, the creator of that calculator along with dozens of other financial calculators is Dinkytown.net, a company here in the Twin Cities. They license their calculators to other websites. I've used Dinkytown's website for estimating my taxes for several years and highly recommend them. If you do a search on Dinkytown at the Bogleheads website, you'll fine lots of links to their various calculators. (Dinkytown is an area of Minneapolis near the University.)
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