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Author: fullofcarp Big red star, 1000 posts Old School Fool Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: IRA-Roth conversion Date: 5/6/2011 8:50 AM
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Sorry if this has been discussed many times before, when I saw the previous post's title about a conversion it suddenly occurred to me that I rolled the balance of a regular IRA into an existing Roth account about a year ago and now I may have a problem.

The amounts in both accounts were small (a couple thousand in each) and I just wanted to simplify tracking my portfolio. But when I filed my taxes (electronically via H&R Block software) a couple of months ago, my investment earnings pushed me over the limit for contributing to a Roth IRA for 2010, so I couldn't make a contribution (my salary left me in the range of income where the limit gets phased out, so I needed to wait until I filed before knowing if I could contribute this year).

Is a conversion subject to those same income limits? I'm pretty sure that I included the additional taxes to cover the conversion in my calculations and the software didn't seem to complain, so am I okay?

Thanks in advance for pointing me to the appropriate IRS documentation.

Bill
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