starsfan18
Confused about dryer sheets
- Joined
- Jun 2, 2008
- Messages
- 3
I'm hoping somebody here can help me answer this question. I'll state in advance that I know that tax advice given here is no substitute for consulting a licensed professional, so keep that in mind before you respond with a generic "consult a CPA" answer.
My wife and I will have an AGI over the Roth contribution limit this year. I've read some information on the Web that indicates that the AGI limit for Roth conversions is no longer in effect as of 2010. If this is true, I'd like to do the following:
1. Contribute the maximum amount for both of my wife and myself to traditional IRAs for the 2011 tax year.
2. At some point in the future, convert those 2011 Traditional IRA contributed funds to Roth status.
Does anyone here know if this is possible? I've been having a hard time finding a definitive answer.
My wife and I will have an AGI over the Roth contribution limit this year. I've read some information on the Web that indicates that the AGI limit for Roth conversions is no longer in effect as of 2010. If this is true, I'd like to do the following:
1. Contribute the maximum amount for both of my wife and myself to traditional IRAs for the 2011 tax year.
2. At some point in the future, convert those 2011 Traditional IRA contributed funds to Roth status.
Does anyone here know if this is possible? I've been having a hard time finding a definitive answer.