Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Can someone verify for me the maximum that a joint couple's income can be in order to convert an IRA Rollover to a Roth IRA Rollover. My understanding is $100,000 AGI is the limit for conversion, while $150,000 is the limit for a $2,000 annual Roth IRA. Is this correct?

Second, if I contribute 5% to my company's 401k plan, can I still contribute $2,000 to a Roth IRA, assuming my income is > $2K, but < $150K?

Lastly, if my Rollover is $50,000 and my joint adjusted gross income is $90K - $100K, what should I expect the Federal & State tax liability to be? Do I literally, multiple the rollover amount times 28% if that is my bracket?
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.