Is it only an IRA thats convertible to a Roth IRA in 2010? Can one put 200K from a savings acct to a Roth IRA?

Question

This is regarding the one time conversion that's allowed in 2010.

Answer 1

You cannot convert a savings account into a Roth IRA. However, starting in 2010 there will be no income limits for conversions to a Roth IRA. The limit now is $100,000 AGI.

You can convert a traditional IRA to a Roth IRA, and you can also convert a 401k or 403b to a Roth IRA and take advantage of the provision, for 2010 only, that the conversion is treated as spread over two years.

Answer 2

Yes, only Traditional IRAs are convertible in to a ROTH IRA.

No, you can not convert money in a savings account to a Roth.

You could, however, contribute money from a savings account to a Roth but the limit is much lower ($5,000 for 2008....not sure about 2010).