Roth IRA contribution plan

[berolee]

Hello,

How do I calculate my limit for Roth IRA contribution? 

Also, I already contributed in full to my traditional IRA account. Should I convert some to Roth IRA or just leave it there?

Thanks!

[AnnetteB6 · Accepted solution]

If you have already contributed in full to your Traditional IRA, then you cannot also make a contribution to a Roth IRA.  The annual limit for contributions is for both types of IRAs combined.

After you have entered your income into your tax return using TurboTax, the calculation is done for you and the amount that you can contribute to a Roth account is displayed on the screen.  

Here is a link to learn more about the calculation used for 2023 Roth contributions:

Amount of Roth IRA Contributions That You Can Make For 2023
 

You should discuss your IRA options with a financial advisor who knows your full financial situation in order to determine whether it is better for you to keep your money in the Traditional IRA or convert it to a Roth IRA.  That is not something that can be answered blindly.