Calculating Roth Conversion for 2019

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FOGU
Posts: 262
Joined: Tue Apr 24, 2018 9:41 pm

Calculating Roth Conversion for 2019

Post by FOGU » Wed Dec 04, 2019 6:10 pm

If you would like to help me calculate my Roth conversion for 2019, I would be most grateful.

Best estimate totals for 2019:

Schedule C net income (husband) = 62,900
Wife income = 8,000
STCG = 81
LTCG = 18,370
Qualified Dividends: 13,100
Total Self-employment tax paid = 9,200

Married Filing Jointly

All income is foreign earned and therefore excluded from federal income tax, but I understand that makes no difference for calculating Roth conversion amounts. (This also precludes normal contributions to tax-advantaged accounts. :( )

I would like to Roth convert to the limit of the 12% bracket, which for MFJ is 78,950 for year 2019.

I have gone through what I think is the right exercise but I am insecure about my result.

Thank you very much.

Silk McCue
Posts: 3413
Joined: Thu Feb 25, 2016 7:11 pm

Re: Calculating Roth Conversion for 2019

Post by Silk McCue » Wed Dec 04, 2019 6:25 pm

Are you using professional tax software for 2019 such as TurboTax to perform your analysis? That’s what I would do and actually just did this week for our situation.

Cheers

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