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On July i converted my Traditional IRA to a Roth IRA does this mean that i cannot contribute to the Roth IRA this year???

Thanks guys,
Sanren
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No, converting piles of money to a Roth IRA does not in itself prevent you from contributing another $2000 to an original 1998 Roth. However, you cannot ALSO contribute $2000 to a Traditional Roth for 1998, and you must have $2000 of earned income.

Bill
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Greetings, Sanren, and welcome. You asked:

<<On July i converted my Traditional IRA to a Roth IRA does this mean that i cannot contribute to the Roth IRA this year???>>

No, conversions/rollovers/transfers from another IRA have no impact on nor do they count as any part of the annual $2K contribution you may make to an IRA. However, that annual contribution may not exceed $2K regardless of how many IRA you will make contributions to, be that $1 in 2,000 IRA or $2K in one IRA.

Regards….Pixy
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Thanks for the quick replies, so that means i can contribute 2k more to my converted Roth IRA? i converted that Roth IRA from a Traditional IRA.

Thanks
Al
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Al asks:

<<Thanks for the quick replies, so that means i can contribute 2k more to my converted Roth IRA? i converted that Roth IRA from a Traditional IRA.>>

A Roth IRA established by the conversion of a traditional IRA does not limit your ability to contribute the annual $2K to a Roth or a traditional IRA. Conversion contributions regardless of size do not count against the annual contribution limits to any IRA.

Regards….Pixy
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