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IRA to Roth limits ?
Old 11-07-2012, 02:51 PM   #1
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IRA to Roth limits ?

Over 65, no income, (pension - ss - interest only). Is there a limit on how much can be converted from an IRA to a Roth IRA ?
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Old 11-07-2012, 03:49 PM   #2
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no limits, but you might want to check on how much tax you will be paying.
There could be regions where you'll be paying more than you think (depending on your particular situation). Use tax software or a tax calculator like Taxcaster (google to find it).
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Old 11-07-2012, 03:54 PM   #3
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Originally Posted by kaneohe View Post
no limits, but you might want to check on how much tax you will be paying.
There could be regions where you'll be paying more than you think (depending on your particular situation). Use tax software or a tax calculator like Taxcaster (google to find it).
+1 The amount converted would be taxable income and would be added to your pension, SS and interest. Depending on the amount involved, the tax bite could be significant.
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Old 11-07-2012, 04:04 PM   #4
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Originally Posted by kaneohe View Post
no limits, but you might want to check on how much tax you will be paying.
There could be regions where you'll be paying more than you think (depending on your particular situation). Use tax software or a tax calculator like Taxcaster (google to find it).
And in particular, if you're in a fairly low bracket now (say 15% or less) it might make sense to convert to nearly the point where you'd be kicked into a higher bracket, but chances are it wouldn't pay to convert more than that in any given year.
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