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#6
01-13-2004, 03:49 PM
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 Re: Roth Ira Conversion Herb Smith posted: - quote - > an_ordinary_guy_158[at]hotmail.com (Bill) wrote:
Thanks, Herb. I ran off the rails when I hit the parenthetical note> > Alex Turchina asked: > > Does the AGI $100,000 limit for a IRA to > > Roth IRA conversion includes the amount > > converted or is the limit for other income > > before the IRA conversion? > > Is the 100K for single and joint file, or joint > > file has a higher limit? > > There's a special Worksheet for the "Modified > > Adjusted Gross Income for Roth IRA > > Purposes" ... which feeds into this answer. > > You'll find it on page 56 of Pub 590 (for > > 2003). Moving to the bottom line, it seems to > > indicate that -- when including your > > Conversion amount -- the limit will be > > $160,000 for MFJ and $110,000 for single. > > But that's a superficial summary. You should > > obtain Pub 590 and check it out. > Sorry Bill, wrong worksheet. That one is for > determining a CONTRIBUTION to a Roth IRA, > not a CONVERSION. that the modified AGI for Roth IRA purposes was (explained in chapter 2). Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
01-12-2004, 10:16 AM
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| Re: Roth Ira Conversion an_ordinary_guy_158[at]hotmail.com (Bill) wrote: - quote - > Alex Turchina asked:
Sorry Bill, wrong worksheet. That one is for determining a> > Does the AGI $100,000 limit for a IRA to Roth > > IRA conversion includes the amount > > converted or is the limit for other income > > before the IRA conversion? > > Is the 100K for single and joint file, or joint file > > has a higher limit? > There's a special Worksheet for the "Modified Adjusted Gross > Income for Roth IRA Purposes" ... which feeds into this > answer. You'll find it on page 56 of Pub 590 (for 2003). > Moving to the bottom line, it seems to indicate that -- when > including your Conversion amount -- the limit will be > $160,000 for MFJ and $110,000 for single. > But that's a superficial summary. You should obtain Pub 590 > and check it out. CONTRIBUTION to a Roth IRA, not a CONVERSION. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
01-11-2004, 09:30 AM
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| Re: Roth Ira Conversion "alex turchina" <aturchin45[at]hotmail.com> wrote: - quote - > Does the AGI $100,000 limit for a IRA to Roth IRA conversion
Excludes conversion amount.> includes the amount converted or is the limit for other > income before the IRA conversion? - quote - > Is the 100K for single and joint file, or joint file has a
Same for both, 100K> higher limit? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
01-11-2004, 09:30 AM
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| Re: Roth Ira Conversion alex turchina wrote: - quote - > Does the AGI $100,000 limit for a IRA to Roth IRA conversion
Modified AGI does not include the conversion income. MFJ and> includes the amount converted or is the limit for other > income before the IRA conversion? > Is the 100K for single and joint file, or joint file has a > higher limit? unmarried filers both use the same $100,000 limitation. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
01-11-2004, 09:11 AM
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| Re: Roth Ira Conversion Alex Turchina asked: - quote - > Does the AGI $100,000 limit for a IRA to Roth
There's a special Worksheet for the "Modified Adjusted Gross> IRA conversion includes the amount > converted or is the limit for other income > before the IRA conversion? > Is the 100K for single and joint file, or joint file > has a higher limit? Income for Roth IRA Purposes" ... which feeds into this answer. You'll find it on page 56 of Pub 590 (for 2003). Moving to the bottom line, it seems to indicate that -- when including your Conversion amount -- the limit will be $160,000 for MFJ and $110,000 for single. But that's a superficial summary. You should obtain Pub 590 and check it out. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
01-11-2004, 08:51 AM
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| Re: Roth Ira Conversion "alex turchina" <aturchin45[at]hotmail.com> wrote: - quote - > Does the AGI $100,000 limit for a IRA to Roth IRA conversion
The MAGI of $100,000 does NOT include the amount being converted.> includes the amount converted or is the limit for other > income before the IRA conversion? - quote - > Is the 100K for single and joint file, or joint file has a
Single or joint, same qualification limit.> higher limit? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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01-11-2004, 08:51 AM
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| Re: Roth Ira Conversion "alex turchina" <aturchin45[at]hotmail.com> writes: - quote - > Does the AGI $100,000 limit for a IRA to Roth IRA conversion
No. See Publication 590> includes the amount converted or is the limit for other > income before the IRA conversion? - quote - > Is the 100K for single and joint file, or joint file has a
Same for all filing statuses except Married, Filing> higher limit? Separately, which cannot convert. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-10-2004, 06:24 AM
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| Roth Ira Conversion Does the AGI $100,000 limit for a IRA to Roth IRA conversion includes the amount converted or is the limit for other income before the IRA conversion? Is the 100K for single and joint file, or joint file has a higher limit? Thanks, Alex << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| conversion, ira, roth |
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