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joeandcon1
Returning Member

Please delete thread - my brokerage answered the question

My brokerage answered my question. Please remove thread as the answer I received here wasn't relevant, and could be confusing. 

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2 Replies

Please delete thread - my brokerage answered the question

Your 2021 conversion of ($1000) Traditional IRA to Roth IRA will be taxable income in 2021.  You probably received a 1099-R for this.


You can make deposits directly to your Roth IRA, provided you meet the modified Adjusted Gross Income limits.

 

https://www.irs.gov/publications/p590a
"Can You Contribute to a Roth IRA?
Generally, you can contribute to a Roth IRA if you have taxable compensation (defined later) and your modified AGI (defined later) is less than:
$208,000 for married filing jointly or qualifying widow(er);
$140,000 for single, head of household, or married filing separately and you didn’t live with your spouse at any time during the year; and
$10,000 for married filing separately and you lived with your spouse at any time during the year."

joeandcon1
Returning Member

Please delete thread - my brokerage answered the question

Thanks for the reply.  I'm not sure your reply is for the same situation that I have, however. 

 

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