In laymens terms please
I have a question that I cant seem to get answered just right from my broker. A search has turned up nada here too.
Lets say I make 50k/year and have an IRA also at 50k just to keep it simple. If I do nothing I pay taxes on 50k income. But If I were to roll over my IRA into a Roth next week would my tax bracket be at 100k or still 50k? Since the money was obviously made in previous years I would like to think it would not raise my bracket that much. When it comes to the IRS though I have been wrong before.
Another question. Lets say I contributed 10k this year into my IRA. Would my total earned income be at 60K on the year?