If you have $1 million or more in a traditional IRA, a Roth conversion could help reduce your future tax burden. But there's one mistake that could cost you tens of thousands of dollars: paying the conversion taxes the wrong way.

In this video, we break down how IRA millionaires can approach Roth conversions strategically, including whether it's better to pay the tax bill using money from outside your IRA or withhold taxes directly from the conversion.

We'll walk through a $100,000 Roth conversion example and show how the way you pay your taxes could impact your long-term tax-free growth potential. You'll also learn how capital gains taxes, required minimum distributions (RMDs), Medicare IRMAA surcharges, and IRS underpayment penalties can affect your retirement strategy.

Plus, we reveal three costly Roth conversion mistakes that IRA millionaires should avoid and explain why simply converting up to the top of your current tax bracket might not be the best strategy.

Whether you have $1 million, $2 million, or more saved in retirement accounts, understanding how to manage Roth conversion taxes could help you keep more of your hard-earned money throughout retirement.