SIMPLE IRA


N

nickravo1

I have $10K in a Simple IRA. Can I convert this to a ROTH IRA? How. I
want to pay the tax with not IRA money. Limitations?
 
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R

removeps-groups

I have $10K in a Simple IRA. Can I convert this to a ROTH IRA? How. I
want to pay the tax with not IRA money. Limitations?
See form 8606. Part II is "2009 Conversions From Traditional, SEP, or
SIMPLE IRAs to Roth IRAs".

http://www.irs.gov/pub/irs-pdf/f8606.pdf

In publication 590 I find that you can do the conversion if your
modified AGI is less than 100k, though in 2010 this limit will be
removed. There might be other restrictions. I didn't read through
the whole thing.
 

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