Roth IRA conversion
Husband and wife client wish to convert an existing IRA of the wife’s into a Roth-IRA. Their wages for 2009 were $150,216 between the two of them. The wife made $50,000 of this joint total. Can she convert her $25,000 IRA into a Roth-IRA NOW?
Permalink Submitted by Alan Spross on Thu, 2009-08-06 20:57
No, because their joint modified AGI is over 100,000. However, this income limitation disappears after this year. For conversions done in 2010, half the income can be reported in 2011 and half in 2012.
She could not convert by filing married separate returns either this year UNLESS they lived apart all year.