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Tmh4
New Member

Roth limits with characterization

I converted a traditional IRA of about 10 K into my Roth.  Can I still contribute to my Roth this year? 

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3 Replies

Roth limits with characterization

Yes. Your conversion amount does not limit your Roth contribution. 

Dadbob
New Member

Roth limits with characterization

I contributed   to  my Roth IRA and did a Conversion from a traditional IRA to my Roth  Turbo tax said I'll owe a penalty for excess contributions.  Is there a limit on how much money I can contribute via the "backdoor'?  Or did I just fat finger something?

AnnetteB6
Employee Tax Expert

Roth limits with characterization

If you contributed to your Roth IRA and also made a non-deductible contribution to your Traditional IRA with the intention of converting that to a Roth IRA, then you may have exceeded your contribution limit.  The limit is imposed on the combination of contributions to both types of IRAs within a given year.  

 

So, the 'backdoor' contribution is essentially limited to your annual IRA contribution limit based on your age.  

 

Take a look at the following TurboTax article for more details:  Can I contribute to both a Traditional and a Roth IRA?

 

There is no limit imposed when just converting a Traditional IRA to a Roth IRA, as in the case for the original question shown above.

 

@Dadbob

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