Not until 2010...
According to today's Wall Street Journal:
Another measure in the tax bill designed to increase government revenues is a provision that, starting in 2010, will eliminate income limits on converting traditional individual retirement accounts into Roth IRAs. With a Roth IRA, you don't get a tax deduction for your contributions. But the money you contribute grows tax-free and generally can be withdrawn tax-free, with some restrictions. Under current law, only taxpayers with income of $100,000 or less may convert part of all of their traditional IRA into a Roth IRA.
The measure, if enacted, would be "a windfall for high-income taxpayers," says Len Burman, director of the Tax Policy Center, a joint venture of Urban Institute and Brookings Institution.
Even though this provision won't be effective until 2010, some investors may want to take action now by making nondeductible contributions to traditional IRAs, tax advisers say. In 2010, those IRAs could then be converted into a Roth IRA - unless, of course, Congress changes the rules. There's always a possibility Congress might tweak the law again, says Clint Stretch, a principal at Deloitte Tax LLP in Washington