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If you have a Traditional IRA, you can convert it to a Roth IRA if your income falls within limits based on your filing status. These limits are not all the same as the limits for contributing to a new Roth IRA.


Thank you for replying so quickly, with such good info. and for correcting my terminology. I kinda thought I was using the wrong words, but didn't know the right ones.

If the limits for converting are not the same as the limits for contributing, where can I find out the limits for converting? I have been reading publications on the IRS website, but haven't found any information about converting......... but I thought it was called recharacterizing, so I have to look again now that I have the correct terminology.

Do people know about this conversion stuff? I was excited about them raising the amout that you can contribute to a Roth IRA, so you can imagine how ecstatic I am about being able to put thousands and thousands of dollars into the Roth just by paying the taxes on it*. I sorta feel like I'm cheating.......... this is a way to totally get around that maximum contribution thing. I think this will have a SIGNIFICANT positive impact on my retirement planning!


Thank you!!!


* I mean by contributing to a 401K, transferring it to a traditional IRA, and then paying the taxes to convert it to a Roth.
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