- posted 10 years ago
My wife and I exceed the income limits to contribute to a Roth IRA or
to get a tax deduction for a traditional IRA, but in the 2010 there
are no income limits for converting a traditional IRA to a Roth IRA.
She has $8K in a traditional IRA. Can we contribute $5K before year-
end to a non-deductible traditional IRA for my wife and another $5K
next year and then convert the total of $18K in the deductible and non-
deductible traditional IRAs to a Roth IRA? We would owe income tax on
the $8K converted from the existing traditional deductible IRA, but
earnings on the $18K in the future would be tax-free.
The 2010 laws for Roth IRA conversions are discussed at