- Traditional IRAs
- Roth IRAs
- SEP IRAs
- Simple IRAs
- 403(b) Plans
- Thrift Savings Plan
- Education Savings
Everyone Can Now Convert to a Roth IRA
Last Updated March 20, 2010
Prior to January 1, 2010, an individual was ineligible to convert to a Roth IRA if any of the following applied:
- His modified adjusted gross income (MAGI) was more than $100,000
- His tax filing status was married filing separately
Effective January 1, 2010, these restrictions no longer apply. As a result, anyone who wants to do so, is now able to convert assets from other eligible retirement accounts to a Roth IRA.
PS: Individuals should work with a retirement or tax professional to determine Roth conversion suitability. There are many facts to consider when trying to determine if a Roth conversion is a wise financial move.