Message Font: Serif | Sans-Serif
No. of Recommendations: 0
What if you make for than the $150,000 limit for a Roth IRA one year only? Do you have to convert to a traditional IRA because of the extra income earned in that one year or can you just not make another contribution until the following year when my AGI again qualifies for the Roth?

You just cannot contribute for that year. You can still keep the roth IRA and open an regular IRA to contribute to during the year you do not qualify to contribute to your Roth. Being deductible or not depends on income and if you have an plan at work.
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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
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.