Annual contributions to Roth IRAs are capped at $6,500 ($7,500 if you are age 50 or over) in 2023. The income cap on conversions was permanently repealed. No matter what your income, you can convert a traditional IRA to a Roth IRA; however, there are maximum income limits for Roth IRA contributions. In 2023, married individuals filing jointly can contribute to a Roth IRA if your modified adjusted gross income (MAGI) is below $218,000. The benefit phases out between $218000 and $228,000. If your income exceeds $228,000, you are not eligible to contribute any amount to a Roth IRA for 2023.
Here are some helpful links for you to review as well:
Now Everyone Can Convert to a Roth
Roth IRA Conversions (Converting IRA to Roth IRA)
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