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The combination of my investing gains and the amount of the conversion itself pushed me over the limit for IRA contributions, which is why I didn't make any contributions for last year.

There is no income limit for IRA contributions. There's an income limit for Roth IRA contributions. There's an income-based phaseout range for deductibility of traditional IRA contributions if you or your spouse are covered by a retirement plan at work. But anyone under 70 1/2 with taxable compensation (or with a spouse with taxable compensation) can make an IRA contribution of some sort, even if it's a nondeductible traditional IRA contribution.

If I read your narrative correctly you currently have nothing in any traditional IRA account. Thus, as vkg pointed out, you could make a 2011 nondeductible traditional IRA contribution and immediately convert it to Roth with zero tax consequence.

Phil
Rule Your Retirement Home Fool
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