Traditional IRA Conversions to a Roth IRAs
Amounts are taxable in the year the assets are distributed from the Traditional IRA,
not in the year deposited in the Roth IRA.
Traditional IRAs
- Single and married couples filing a joint return with an AGI less than $100,000 can convert a Traditional IRA
(which would include Traditional IRAs that were funded by SEP, SARSEP and rollover contributions) to a Roth IRA.
There is no dollar limit on the amount that can be converted to a Roth IRA for investors who meet the AGI limitation.
As of January 1, 2010 (and thereafter), the Tax Increase Prevention and Reconciliation Act of 2006 (TIPRA) allows taxpayers
to qualify for a Roth IRA conversion of any amount regardless of their income level.
Legend Equities Corporation and its affiliates
do not provide tax or legal information or advice.