Roth conversions same as contribution?

[masd57]

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.

 

[kaneohe]

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."

 

[retire2020]

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.

 

[masd57]

Great! Thanks so much for the info.

 

[pb4uski]

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).

 

[Sittingduck]

Does the April 15th deadline apply to conversions as it does to contributions?

thanks

 

[pb4uski]

Does the April 15th deadline apply to conversions as it does to contributions?

thanks

Google is your friend.

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.