Ask the Expert: Ineligible for tax breaks
Photo credit: iStock | A Roth IRA conversion increases your taxable income for a year and, as a result, may temporarily disqualify you for some tax breaks.
Several years ago, I did a Roth conversion. I paid taxes on money moved from traditional IRAs into the Roth. Since my taxable income for the year was higher, I lost eligibility for the New York State school tax relief program (STAR). Also -- and unexpectedly -- my Social Security check was reduced. Now, I want to increase my Roth IRA withdrawals. Will that once again reduce my Social Security check...
