ROTH IRA

Forum|Forum|2 years ago
April 24, 2024
1 reply
10 views

Hello,

I was not able to open a ROTH IRA this year because I filed married, separately. Will this also prevent me from converting some of my Traditional IRA funds into Roth accounts? What is the advantage of doing this as I was given this as a suggestion to do.

Thank you.

Ask the Experts - Refund II - April 2024

AnnetteB6

Level 15

No, your filing status and income are not used to determine whether you are allowed to convert Traditional IRA funds to a Roth IRA. Conversions are not the same as contributions, which are affected by filing status and income limits.

The advantage is that you will be able to put funds into a Roth IRA to have the tax benefits of the Roth account later when the money is withdrawn. Doing the conversion now, which may be taxable now, or waiting to withdraw the Traditional IRA funds at retirement when your tax situation may be different is the decision you have to make to decide if converting to a Roth is right for your situation.

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