My Dad is interested in rolling over Traditional IRA to a Roth. he will be 80 next february (Lots of years left, We all hope)
The Idea is that he has been getting RMD and does’nt need that money.
He is ready to pay the tax on the roll over (after reading parlay your IRA into a family Fortune) the ideia was he could, (Being in a roth) contribute to the roth IRA $4000 a year plus $1000 additional contribution over age 50 for 2007. And Have the IRA grow instead of dwindle away.
So when he passes it goes to his grand daughter as A stretch for her future financial needs.

He is retired. He has a income from Soc Sec and a retirement plan. Also he has some stocks and investments. witch creates a taxable income. Are there limits to the amount witch can be contribute to the Roth IRA based on taxable income? (line 27 1040a form) in case some years it is less than the IRA Contributions.
It seems like a good move if it works where he can still contribute to the Ira? Are we missing a detail that may stop him from being able to contribute?

Thanks for your knowledge WESS