Roth IRA Conversion Limits
My traditional IRA account has $5,022 in it. Can I convert the entire amount to a Roth IRA or am I limited to a $5,000 maximum contribution?
My traditional IRA account has $5,022 in it. Can I convert the entire amount to a Roth IRA or am I limited to a $5,000 maximum contribution?
Permalink Submitted by Alan Spross on Tue, 2011-01-04 02:22
The $5,000 limit only applies to regular Roth contributions, not to conversions. You can convert as much as you wish and are willing to pay taxes on, so you are free to convert the entire account.