2006-08-19 09:00:06 · 3 answers · asked by bellyflop5 1 in Business & Finance ➔ Personal Finance
conversions of any ira to a roth ira are dependent on income limits. the limit is based on "modified adjusted gross income" (magi) of $100,000 for single and married joint filers. participation in a 401k is not a restriction for conversion.
in a nondeductible ira, the original nondeductible contribution will not taxed but any amount above the nondeductible contribution will be taxed.
2006-08-19 19:39:11 · answer #1 · answered by daleenyc 1 · 0⤊ 0⤋
The answer is yes, but you will have to pay taxes in order to convert it to a Roth, and it's better to pay the taxes out of pocket rather than to take it out of the IRA.
2006-08-19 16:08:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There's some great info on
http://personal.fidelity.com/accounts/services/content/convertinga.shtml.cvsr
I'll let you check it out as there's too much to summarize.
2006-08-19 12:42:57 · answer #3 · answered by thinkofasong 3 · 0⤊ 0⤋