I understand that if I convert some or all of a traditional IRA to a ROTH this year I can spread the tax burden over two years.
Question: I have already contributed the $6000/year after tax money limit to a ROTH for 2010. Does an IRA to ROTH conversion have any limits or can I convert as much as I want to?
I am 65. I don't need to use my 401k or IRA monies at the moment, but even if I did tomorrow I would have enough none ROTH money to use so that the ROTH money could be untouched for at least 5 years. I don't know how much I might convert, but I wanted to know my options.
Thanks.
Jane