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samanny
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How much money (for state and fed taxes) do I need to withhold when converting a IRA to a Roth IRA in Oregon?
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- skipperLv 71 decade agoFavorite Answer
That depends on your other taxable income. The IRA with be counted as ordinary income. If you withhold some of the funds to pay taxes, that amount will count as an early withdrawal (assuming you are less than 59 1/2) and you will owe a penalty in addition to the taxes. The best, if you can afford to do so, is to convert it all to a ROTH IRA and pay the taxes from your savings.
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