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I have a nonductible IRA and want to convert to a Roth IRA
Posted on 11/3/10 at 9:49 am
Posted on 11/3/10 at 9:49 am
I understand that I will have to pay taxes on any interest income w/ this conversion. I presently do not have a Roth IRA (AGI too high). Question is can I open a Roth IRA w/ rollover money? Then can I continue to contribute the max to a nondeductible IRA yearly and then roll this amount over to my Roth IRA each year? I also contribute the max to company 401K so I don't qualify for a deductible traditional IRA.
1
Posted on 11/3/10 at 2:55 pm to rtbtiger
Yes. Until this loophole is closed you can max out a nondeductible IRA and roll it to the Roth every year. You will run into some additional tax issues if you have any money in a traditional IRA. If not, then you are fine.
Posted on 11/3/10 at 3:28 pm to Maderan
Tks Mad 
That's the answer I was looking and hoping for.
That's the answer I was looking and hoping for.
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