Hi all,
2018 was our last year of working income.
It was a short year, closed our business in Oct- Hurricane.
I want to know if I should put 2018 money in SEP's and IRA's this year.
Depending on my tax bill I could do SEP's and a Roth.
I'm 64 wife is 59, I'm not sure how much we money will be able
to do Roth conversions with each year,
but we will probably limit income to $40k.
Because of the limited conversion time before RMDs
I don't want too much in tax deferred accounts.
I have $300k in SEP, $100K in IRA, $40k in Roth
wife has $200k in SEP, $202k in IRA and $31k in Roth.
Also have about $750k in non tax advantaged money
I suspect if we do both SEP and IRA, it will add
$11k to $12k to our SEP/IRA accounts. Then need to get it
into a Roth later.
I'm trying to stay in the 12% bracket.
Just trying to get my info straight.
My concern is I have an older friend with $80k of RMDs
each year. I don't want that, but understand it's a first world problem:-)
