Who is eligible for a Roth IRA conversion?
• To convert your traditional IRA into a Roth IRA your modified Adjusted Gross Income must be less than $100,000. • You must not be married filing separately. [Note: If you are married filing separately, but you didn’t live with your spouse for any part of this year, then you could still be eligible if you meet the other requirements.] • If you’re currently age 70.5 or older, and are taking required minimum distributions from your traditional IRA, these distributions cannot be rolled over as a part of a Roth conversion. • If you inherited an IRA from anybody other than your spouse, you cannot convert that IRA into a Roth IRA. Want to learn more about taxes? Take a look at my most recent book: Taxes Made Simple: Income Taxes Explained in 100 Pages or Less.
