✉news BusinessPersonal Finance first seen 15 h ago, last 6 h ago, peak #23

Retirees Can Convert $47,500 Tax-Free Before Year-End

Original: A Retired Couple Who Hasn't Claimed Social Security Can Convert $47,500 Before Dec. 31 and Owe $0 Federal Tax. On Jan. 1 the Space Resets, and Whatever They Didn't Use Is Gone

A retired couple who have not yet claimed Social Security can convert $47,500 from a traditional retirement account to a Roth before December 31 and owe no federal tax, according to 24/7 Wall St. The tax-free room comes from their low taxable income this year, and it disappears on January 1, when a new year's limits apply and any unused capacity is lost.

Why now: Year-end deadlines push retirees to act on Roth conversion strategies before tax rules reset in January.

24/7 Wall St.Social SecurityRoth IRAIRS

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• A Retired Couple Who Hasn't Claimed Social Security Can Convert $47,500 Before Dec. 31 and Owe $0 Federal Tax. On Jan. 1 the Space Resets, and Whatever They Didn't Use Is Gone · 24/7 Wall St.

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