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Investing/Strategies / Retirement Investing
|Subject: Re: Roth Contributions||Date: 9/26/1998 11:05 AM|
|Author: TMFPixy||Number: 5657 of 78166|
I think I know the answer to this, but I want to double-check with you nice people to make sure I'm not going to do something foolish when I'm trying to do something Foolish.
This year I changed jobs and rolled my 401(k) to a Rollover IRA which I have subsequently converted to a Roth Conversion IRA (held by Fidelity).
Now, before the tax year is over, I want to make an additional contribution to my Roth. So my questions are:
1) Am I allowed to make the contribution having done a conversion this year?
2) If so, are there any limits on the amount I can contribute (except the obvious 2,000 annual limit for Roths)? I contributed to my 401(k) from January to May of this year.
I believe that for my situation, I'm allowed to make the full 2,000 Roth contribution this year and I can put it in the same Roth that I converted. Is there any reason I wouldn't want to do this?
Your belief is 100% correct. The conversion has no impact on your ability to make an annual contribution to a Roth. You may still contribute up to $2K this year to a