Guest vittorio Posted January 18, 2004 Posted January 18, 2004 with no earned income, may I move money from an existing traditional IRA to an existing Roth IRA? Thanx!
Appleby Posted January 18, 2004 Posted January 18, 2004 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 Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now