My wife and I are married filing joint. We are over the AGI limit for ROTH contributions.
It appears, however, that we can convert money already existing inside of a traditional IRA (established pre-tax many years ago) to a ROTH IRA by paying tax on the amount included in the transfer by reporting it on Part II of Form 8606.
Am I way off on this, or is this correct?
Thanks in advance for any insight.