vittorio
Jan 18 2004, 06:34 AM
with no earned income, may I move money from an existing traditional IRA to an existing Roth IRA?
Thanx!
Appleby
Jan 18 2004, 06:52 AM
Absolutely. The only income restriction is that your modified adjusted gross income (MAGI) should not exceed $100,000; otherwise you would no be eligible. Additionally, if your tax filing status is married filing separately, you are not eligible.
The movement from your traditional IRA to your Roth IRA is done as a Roth conversion, which is a reportable and generally taxable transaction