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Can a Traditional IRA be converted to a Roth IRA?

April 26, 2017converted roth ira Traditional IRA

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Can a Traditional IRA be converted to a Roth IRA?

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Yes, a Traditional IRA can be converted to a Roth IRA as a rollover contribution. You should contact your financial advisor or tax professional for specific advice related to this transaction.

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Yes. A Traditional IRA can be converted to a Roth IRA at any time if a person’s Modified Adjusted Gross Income is $100,000 or less. (Married individuals filing separately cannot make this conversion.) Keep in mind, taxes will need to be paid on the converted amount, but a penalty tax will not be imposed.