Year 2010 Roth IRA Contributions

[tuni88]

I understand that I am newly eligible to convert my traditional IRA to a Roth IRA because the magnitude of my earnings doesn't matter like it did through 2009. (I've done the math and determined that it makes no sense to do so under my particular circumstances.)

But what about setting up a brand new Roth IRA to receive contributions beginning in 2010. Am I eligible to do that?

[Guest redsands]

No. The income limit has not been lifted for contributing to a roth. You would have to fund a traditional and then convert but this is a problem because the taxable amount on this is prorated based on the value of all your IRA's and any previous non-deductible contributions.