Julian (age 41) rolled over his 401K from a previous employer into an IRA at Charles Schwab several years ago (all pre-tax dollars). His IRA is now worth $50,000. This year he wants to convert the entire balance to a Roth IRA account (assume conversion happens within two days). Julian's MTR this year is 24%, and he expects his future MTR to be 26%. How much tax will owe Julian if he converts the entire traditional IRA to a Roth IRA using external funds to pay any tax due?