Will I Owe Taxes If I Convert My 401(k) to a Roth IRA in 2022?
Moving money from an old 401(k) to a Roth IRA (individual retirement account) can set you up for tax-free withdrawals later in life. But before you do so, you should iron out the details of your current-year tax tab, so you won't be caught off guard.
Image source: Getty Images.
If your employer offers a traditional 401(k), you'll have a chance to trim your tax bill for the current year. In 2022, you can contribute up to $20,500 if you are under 50. Every dollar you contribute can reduce your taxable income for the year.
Source Fool.com
