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I was in the process of rolling my wife's IRA into a Roth when I noticed in my Brown & Co. info that, if married filing jointly our AGI could not exceed $100k. I've been under the assumption the limit was $150k for this case. Is Brown wrong? Are they setting their own guidelines?

Thanks
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To roll a regular IRA into a Roth, your AGI cannot exceed $100k. Thee $150k limit that you are quoting is for new contributions to a Roth IRA. You can contribute up to $2000 per year into a Roth IRA if your AGI is less than $150k. The $2000 limit gradually decreases between $150k and $160k. Above $160k, you will need to use a traditional non-deductable IRA.

For more information, try www.fairmark.com

..IF
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KatiesDad asks:

<<I was in the process of rolling my wife's IRA into a Roth when I noticed in my Brown & Co. info that, if married filing jointly our AGI could not exceed $100k. I've been under the assumption the limit was $150k for this case. Is Brown wrong? Are they setting their own guidelines?>>

No, Brown isn't wrong. I think you're confused about AGI limits for a conversion (which is $100K for joint or single filers) and those for the annual contribution. The latter is $95K for a single filer and $150K for joint filers. Above those amounts the allowable contribution drops to zero. Reach an AGI of $110K (single) or $160K (joint), and no annual contribution may be made to a Roth IRA. You may, though, still contribute to a nondeductible traditional IRA.

Regards….Pixy

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