Yesnam Posted April 26, 2010 Posted April 26, 2010 If a person has retired and has absolutely no reportable income other than the income from Roth conversion, does his income from Roth conversion invite social security tax? The person in question does not qualify for social security benefits or any other usual retirement benefits.
PensionPro Posted April 26, 2010 Posted April 26, 2010 I thought social security tax is only paid on employment income. PensionPro, CPC, TGPC
K2retire Posted April 26, 2010 Posted April 26, 2010 Did you mean to ask if the taxable income from converting a regular IRA to a Roth IRA could cause some of your Social Security payments to become taxable income? The answer to that is yes.
Yesnam Posted May 1, 2010 Author Posted May 1, 2010 Did you mean to ask if the taxable income from converting a regular IRA to a Roth IRA could cause some of your Social Security payments to become taxable income? The answer to that is yes. No, I simply wanted to know if the income from Roth conversion (from a pre-tax IRA) itself will ever attract social security tax. As I mentioned, the person doesn't even receive any social security payments. The only reportable income the person has is from the conversion and a very measly sum of interest on bank deposits
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