Is It Too Late to Do a Roth Conversion at 63 With $1.4M and Social Security?

For example, say that you earned $75,000 this year. You also convert $100,000 from your 401(k) to your Roth IRA in the same year. Your taxable income for the year would be $175,000.When you make a Roth conversion, you must pay income taxes on the amount converted in the year that you make the conversion(s). This total amount is added to your taxable income for the year, which then increases your taxes and, potentially, your tax bracket accordingly.The advantage to a Roth conversion is that, once you move th ...