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May 6, 2019
Category:
Will I Owe FICA Taxes On Funds Moved From A Regular 401K To A Roth 401K?
I am not drawing Social Security, In the year of completing a 401K to Roth conversion, I understand that federal taxes are due but will the other FICA taxes ( Social Security & medicare) also be applied ?
Hi,
Not to the best of my knowledge. Social Security/Medicare (aka FICA) taxes are assessed in the year in which earnings are paid, even if income taxes are deferred on the earnings because you put them into a 401K or IRA. That said, though, my expertise is limited to Social Security taxes and not tax regulations, so you should probably double check with the IRS.
Best, Jerry