Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Roth conversions same as contribution?
Old 07-22-2016, 08:03 AM   #1
Dryer sheet wannabe
 
Join Date: Oct 2015
Location: High Country
Posts: 11
Roth conversions same as contribution?

I have money in a TIRA. I would like to convert some of that to my Roth. Does the conversion qualify for the yearly IRA contribution? Or can I also contribute $6500 additional to meet the yearly contribution limit? I have not been able to find any info on this. Thanks.
__________________

__________________
masd57 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-22-2016, 08:18 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,586
conversions are separate from contributions. Annual limit on contributions but not on conversions.
And conversions do not reduce contribution limits.............surprisingly difficult to do google search on that since it doesn't show up in search summary......only in article itself.

here under special rules: http://www.rothira.com/roth-ira-rules

"You can still make your annual contribution if you also convert money from a tax-deductible account (like a traditional IRA) to a Roth in the same year."
__________________

__________________
kaneohe is offline   Reply With Quote
Old 07-22-2016, 08:19 AM   #3
Recycles dryer sheets
 
Join Date: Sep 2012
Posts: 370
Two different events and have no dependency on each other. You can convert any amount(taxable event) you like to from tIRA->Roth IRA regardless of your yearly contribution limit.
__________________
An investment in knowledge pays the best interest.
- Ben Franklin
retire2020 is offline   Reply With Quote
Old 07-22-2016, 08:20 AM   #4
Dryer sheet wannabe
 
Join Date: Oct 2015
Location: High Country
Posts: 11
Great! Thanks so much for the info.
__________________
masd57 is offline   Reply With Quote
Old 07-22-2016, 08:21 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 13,749
You can convert as much as you want (as long as you are willing to pay the taxes) and also make contributions (assuming that you qualify to make contributions).
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
pb4uski is offline   Reply With Quote
Old 07-22-2016, 09:54 AM   #6
Recycles dryer sheets
Sittingduck's Avatar
 
Join Date: Jan 2013
Location: Northern IL
Posts: 113
Does the April 15th deadline apply to conversions as it does to contributions?

thanks
__________________
"Friendships must be built upon a solid foundation of alcohol, sarcasm, inappropriateness, and shenanigans"
- Anonymous

I have the nature of a polymath and the memory of a Commodore 64
Sittingduck is offline   Reply With Quote
Old 07-22-2016, 10:00 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 13,749
Quote:
Originally Posted by Sittingduck View Post
Does the April 15th deadline apply to conversions as it does to contributions?

thanks
Google is your friend.

Quote:
Traditional IRA funds can be converted to Roth status. There is no limit to the amount that can be converted; however, the amount converted is added to your ordinary income for that tax year. The Traditional to Roth Conversion deadline is Dec. 31.
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
pb4uski is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
72(t) SEPP and 401(k) contribution AT THE SAME TIME? Sam FIRE and Money 2 08-18-2007 05:14 PM
Roth Conversions for Retirees mickeyd FIRE and Money 5 03-12-2006 10:35 AM
Roth IRA Conversions for Retirees mickeyd FIRE and Money 4 12-17-2005 11:38 AM
Roth Conversions?? stevelb FIRE and Money 18 02-28-2005 05:46 PM
ER Roth conversions unclemick FIRE and Money 8 03-05-2004 11:25 PM

 

 
All times are GMT -6. The time now is 05:15 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.