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Roth IRA Contributions
Posted on 11/12/13 at 9:29 pm
Posted on 11/12/13 at 9:29 pm
I was not allowed to contribute to my Roth IRA last year due to exceeding income limits. Single, no kids. I max out the company 401k and defer enough to hit IRS max on this as well.
Is there a way to convert either my 401k or another IRA to get allowable contribution into my Roth account?
Is there a way to convert either my 401k or another IRA to get allowable contribution into my Roth account?
3
Posted on 11/12/13 at 9:41 pm to MikeD
Back door roth
Posted on 11/12/13 at 9:45 pm to MikeD
Count your blessings, this is a good problem to have.
You'd have to check with your employer to see if the 401 can be rolled over before you leave your job. Most don't allow that. If you have a regular IRA you can recharacterize it as a Roth though. Of course, you have to pay the tax when you do and given your current income (and tax bracket) it might be smarter not to do this.
You'd have to check with your employer to see if the 401 can be rolled over before you leave your job. Most don't allow that. If you have a regular IRA you can recharacterize it as a Roth though. Of course, you have to pay the tax when you do and given your current income (and tax bracket) it might be smarter not to do this.
Posted on 11/13/13 at 8:57 am to MikeD
quote:
I was not allowed to contribute to my Roth IRA last year due to exceeding income limits
This limit is $173-183k, but it's not AGI, correct?
Isn't a different calculation? MAGI?
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