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Can I do a $6500 non-deductable traditional IRA and then converted it to Roth IRA, Is it possible in turbotax?

I am 68 years old and only have an earned income of $4000. someone told me I can not contribute more than earned income in any IRA .

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Level 9

Can I do a $6500 non-deductable traditional IRA and then converted it to Roth IRA, Is it possible in turbotax?

You were informed correctly. IRA contributions can't exceed earned income for the same year.

View solution in original post

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Level 9

Can I do a $6500 non-deductable traditional IRA and then converted it to Roth IRA, Is it possible in turbotax?

You were informed correctly. IRA contributions can't exceed earned income for the same year.

View solution in original post