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  The income cap on conversions was permanently repealed.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 

What are traditional IRA to Roth IRA conversions?

Roth IRA Conversions (Converting IRA to Roth IRA) 

 

There are no limits on the amount that you are permitted to convert, but you need to be mindful of the increase in your tax liability that results from the taxable amount of a particular Roth conversion.

 

The annual IRA contribution limit has nothing to do with how much of your traditional IRA balance you are permitted to convert to Roth.