I want to know what determines how much I am allowed to add to my Roth IRA each year. I am retired and do not work during a year at a "steady job." I sometimes do have a small income for a given year other than my retirement pension and my Social Security. I am now 70 yrs, 2 mo. old. I told my investment advisor that, starting next year, I intend to withdraw the required amount from my traditional IRA and invest it into my ROTH IRA. She said that I am only allowed to do that IF the amount does not exceed the amount of my income for the year. Is this correct? I thought it was allowable to add up to $5,000 a year to a ROTH IRA. Will you please clarify this?
