Individual Retirement Accounts
Frequently Asked Questions

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Contributions and distributions

Can I convert my Traditional IRA to a Roth IRA?

The IRS uses the phrase "IRA conversion contribution" to refer to any transaction in which all or part of the assets in a traditional IRA are moved to a Roth IRA. If you are married and filing separate federal income tax returns then you cannot make an IRA conversion contribution during that year. If this is not your situation, then you can make an IRA conversion contribution during any year in which your modified adjusted gross income (MAGI) is $100,000 or less. If you file a joint income tax return with your spouse, then this limit is joint MAGI of not more than $100,000. Also, an IRA conversion contribution becomes taxable income for the tax year in which the contribution was made. You should consult your tax advisor for more information.

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