Are conversions from a traditional IRA to a Roth restricted by the same earnings limits?
No, Congress wouldn’t want to make it that easy. The earnings limit for conversions is $100,000—whether you’re single or married filing jointly. And that’s based not on adjusted gross income but on modified adjusted gross income which factors in foreign income, student loan deductions, higher education deductions and other considerations. I contribute to a 401k plan at work. Can I still contribute to a Roth? Yes, if you fit within the income limitations. My wife and I are both 73. Did you say we can convert our traditional IRA funds to a Roth? I’ve been missing a good opportunity if I could have been putting my required minimum distributions into a Roth? You can convert your traditional IRA funds into a Roth but not the required minimum distributions (RMD). “Converting to a Roth and taking your RMD are two separate transactions,” says Stiles, “and an RMD distribution does not satisfy the earned income requirements.” As a preemptive measure, you may want to start moving some IRA money i
