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Old 08-12-2017, 12:35 PM
 
Location: SoCal
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Mathjak, is that for new enrollees?
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Old 08-12-2017, 03:14 PM
 
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The extra amount applies to everyone. Say you've been enrolled with no spouse for 5 years. For 2018, SSA will look at your 2016 return, the most recent on file. If the MAGI was above 85,000, you'll pay more. For married filing jointly, double the income amounts shown in the table.
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Old 08-12-2017, 04:50 PM
 
Location: SoCal
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I have to be careful with Roth conversion then. I can't be too gung ho about it. I need to check with Turbotax.
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Old 08-12-2017, 05:19 PM
 
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Quote:
Originally Posted by NewbieHere View Post
I have to be careful with Roth conversion then. I can't be too gung ho about it. I need to check with Turbotax.
Yes, it could put you waaay over the limit.
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Old 08-12-2017, 07:02 PM
 
Location: OH>IL>CO>CT
5,230 posts, read 8,388,588 times
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Quote:
Originally Posted by NewbieHere View Post
I have to be careful with Roth conversion then. I can't be too gung ho about it. I need to check with Turbotax.
This article has some examples of what can happen with a spike in income while on Medicare:

http://www.investmentnews.com/articl...urity-benefits
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Old 08-12-2017, 07:32 PM
 
Location: Straddling two worlds
2,517 posts, read 799,044 times
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Quote:
Originally Posted by bigbear99 View Post
Yes, it could put you waaay over the limit.
I was told I could convert my tiny pension into a Roth and as long as I only withdrew (relatively) small amounts at a time, that's what I would be taxed on.
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Old 08-13-2017, 12:59 PM
 
Location: Central Massachusetts
4,800 posts, read 4,843,254 times
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Quote:
Originally Posted by Hannah5555 View Post
I was told I could convert my tiny pension into a Roth and as long as I only withdrew (relatively) small amounts at a time, that's what I would be taxed on.


Be careful on the intentions and what that person gets out of the deal to convert a "tiny" pension. First look what you are giving up and ask them what they get in return for that conversion. Converting a pension might look like a good thing until you do the final math on it. Of course it would depend on the pension source then the conversion would give them the assumed risk. Maybe it is a backdoor way of buying out? Hmmmmmm
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Old 08-13-2017, 02:06 PM
 
Location: Straddling two worlds
2,517 posts, read 799,044 times
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Quote:
Originally Posted by oldsoldier1976 View Post
Be careful on the intentions and what that person gets out of the deal to convert a "tiny" pension. First look what you are giving up and ask them what they get in return for that conversion. Converting a pension might look like a good thing until you do the final math on it. Of course it would depend on the pension source then the conversion would give them the assumed risk. Maybe it is a backdoor way of buying out? Hmmmmmm
Thanks for the heads up. I would be doing this myself, so not running the risk of someone else having a vested interest.
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Old 08-13-2017, 04:42 PM
 
2,672 posts, read 1,537,482 times
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Quote:
Originally Posted by Hannah5555 View Post
I was told I could convert my tiny pension into a Roth and as long as I only withdrew (relatively) small amounts at a time, that's what I would be taxed on.
This is backward. 1. You can't convert a pension. You can only convert a 401K, 403B etc. 2. Tax is due on conversion. You convert 50,000 worth, you pay 50,000 worth. 3. When you withdraw from a Roth, you owe no tax, even on investment gains.

The reasons to convert, or not, are complex and depend totally on one's personal circumstances.
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Old 08-13-2017, 05:14 PM
 
Location: Straddling two worlds
2,517 posts, read 799,044 times
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Not sure where you're getting your info but I can definitely take my private pension and put it into a Roth IRA and I will be taxed on the amounts I withdraw, whether it's $1K or $10K.
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