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Level 3

Question

Total Roth contribution when trad IRA funds have been converted

2 replies
42 views

Hello.

First, thank you to this amazing community and experts for taking the time to answer my questions. You all ROCK!!

I converted Trad IRA funds into Roth funds. My question is this: Can I make the max contribution to my Roth on top of the converted funds?

Ex:

I converted 1000.00 of trad IRA to Roth

Can I contribute the full 8000 (over 50) to the Roth for the year 2024? Or would that become an overfunding issue? I seriously don't want to deal with THAT!!!

Thank you again for reading and answering.

KelleyR

Level 13

You are welcome!

It depends when the $1,000 of traditional IRA was originally contributed. If it was prior to 2024, you can convert the money plus make the full contribution of $8,000 for 2024. No overfunding issue will be triggered.

If you contributed $1,000 to the traditional IRA in 2024 (doesn't matter that it was converted), then you can only contribute the remaining $7,000 (to either a traditional or Roth).

Level 3

Thanks MindyB.

Your answer was clear and concise. I appreciate that because when I "talk taxes" I tend to stumble a bit.

Cheers,

KelleyR