Back in March 2024, I opened a Roth IRA and put the maximum amount of $8,000 (from my savings account). A few weeks ago, I realized (thanks to this forum!) that I couldn't contribute to a Roth IRA because my income is above the IRS limits. So, I transferred the $8,000 out of my Roth IRA and paid an estimated tax on the gains.
I potentially would like to convert some of my tIRA to a Roth IRA when I retire in a few months (over several years without pushing myself to 32% marginal tax bracket). I've the following questions:
I potentially would like to convert some of my tIRA to a Roth IRA when I retire in a few months (over several years without pushing myself to 32% marginal tax bracket). I've the following questions:
- Do the IRS limits also apply to this kind of transfer?
- Is there a limit on how much tIRA can be converted to a Roth IRA in a year?
- Is this kind of transfer the same as "back door Roth IRA"?
Statistics: Posted by Cincy_1988 — Wed Jan 01, 2025 2:05 pm