Total Roth contribution when trad IRA funds have been converted

[KelleyR]

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

[MindyB]

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).

[KelleyR]

Thanks MindyB.  

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

Cheers,

KelleyR