Rollover Traditional IRA to Roth – How much Tax will I pay if Adjusted Gross Income is almost 0?
Hi,
I am a U.S. citizen living in Argentina as a permanent resident, with my wife (dual U.S./Argentinean citizen) and my son (dual as well). Almost all of my income qualifies for the Foreign earned income exclusion. I have about $20,000 in a traditional IRA that I contributed to prior to the move. My question: If I convert this to a Roth IRA, how can I calculate how much penalty I’ll have to pay? I suspect that if I convert less than the standard deduction amount on my tax return, that I won’t have to pay anything, but perhaps I’m missing something. I googled for a little while, but couldn’t find how to calculate this. Maybe i should have just gone directly to IRS website and read the tax code.
Thanks,
Jason
How can I lower my Adjusted Gross Income?
I’m self employed; make only a few thousand after expenses however I do have interest income.
I already have a regular IRA and contribute the maximum I can based on my self-employment income into the regular IRA.
Would opening an additional SEP IRA help to lower my AGI or is that impossible to do since I already contribute the maximum I can to my regular IRA?
Anything else that could help lower my AGI?
Thanks 
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