Today TaxMama® hears from Yazminia in the TaxQuips Forum with an apt question (rephrased). “I am over age 59 ½ and want to transfer money from my IRA to my Roth IRA tax-free. Based on my income level, how much may I transfer without generating taxes?”
Tag Archives: heirs
Today TaxMama hears from Janet from the South who asks for help with Form 1041, “I am settling our mothers estate and it seems the $12,000 income from one investment will require that we issue K-1s to the three heirs. Other than that, it appears no other income needs to be taxed or reported since […]