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If I converted $300k from regular IRA to a Roth, does that raise my MAGI up to where I can't contribute an additional $8,000 to my Roth IRA from my earned wages?
We are married filing jointly. The rule says that you can't contribute earned wages into the Roth IRA if you have a MAGI of $240k or above. My MAGI is above that limit, but most of that number is due to the large amount from the conversion. Do the converted funds contribute to the amount of the MAGI that is considered to determine the income limit for Roth contribution of earned wages?
‎February 6, 2025
11:27 AM