Roth Ira Conversion


A

alex turchina

Does the AGI $100,000 limit for a IRA to Roth IRA conversion
includes the amount converted or is the limit for other
income before the IRA conversion?

Is the 100K for single and joint file, or joint file has a
higher limit?

Thanks, Alex
 
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P

Phil Marti

alex turchina said:
Does the AGI $100,000 limit for a IRA to Roth IRA conversion
includes the amount converted or is the limit for other
income before the IRA conversion?
No. See Publication 590
Is the 100K for single and joint file, or joint file has a
higher limit?
Same for all filing statuses except Married, Filing
Separately, which cannot convert.

Phil Marti
Topeka, KS
 
H

Herb Smith

alex turchina said:
Does the AGI $100,000 limit for a IRA to Roth IRA conversion
includes the amount converted or is the limit for other
income before the IRA conversion?
The MAGI of $100,000 does NOT include the amount being converted.
Is the 100K for single and joint file, or joint file has a
higher limit?
Single or joint, same qualification limit.
 
B

Bill

Alex Turchina asked:
Does the AGI $100,000 limit for a IRA to Roth
IRA conversion includes the amount
converted or is the limit for other income
before the IRA conversion?
Is the 100K for single and joint file, or joint file
has a higher limit?
There's a special Worksheet for the "Modified Adjusted Gross
Income for Roth IRA Purposes" ... which feeds into this
answer. You'll find it on page 56 of Pub 590 (for 2003).
Moving to the bottom line, it seems to indicate that -- when
including your Conversion amount -- the limit will be
$160,000 for MFJ and $110,000 for single.

But that's a superficial summary. You should obtain Pub 590
and check it out.

Bill
 
A

A.G. Kalman

alex said:
Does the AGI $100,000 limit for a IRA to Roth IRA conversion
includes the amount converted or is the limit for other
income before the IRA conversion?

Is the 100K for single and joint file, or joint file has a
higher limit?
Modified AGI does not include the conversion income. MFJ and
unmarried filers both use the same $100,000 limitation.
 
C

Charlie48K

alex turchina said:
Does the AGI $100,000 limit for a IRA to Roth IRA conversion
includes the amount converted or is the limit for other
income before the IRA conversion?
Excludes conversion amount.
Is the 100K for single and joint file, or joint file has a
higher limit?
Same for both, 100K
 
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H

Herb Smith

Alex Turchina asked:
There's a special Worksheet for the "Modified Adjusted Gross
Income for Roth IRA Purposes" ... which feeds into this
answer. You'll find it on page 56 of Pub 590 (for 2003).
Moving to the bottom line, it seems to indicate that -- when
including your Conversion amount -- the limit will be
$160,000 for MFJ and $110,000 for single.

But that's a superficial summary. You should obtain Pub 590
and check it out.
Sorry Bill, wrong worksheet. That one is for determining a
CONTRIBUTION to a Roth IRA, not a CONVERSION.
 
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B

Bill

Herb Smith posted:
Sorry Bill, wrong worksheet. That one is for
determining a CONTRIBUTION to a Roth IRA,
not a CONVERSION.
Thanks, Herb. I ran off the rails when I hit the parenthetical note
that the modified AGI for Roth IRA purposes was (explained in chapter
2).

Bill
 

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