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what is the income phaseout for a roth ira conversion? there isnt one $100000agi $150000 agi...

what is the income phaseout for a roth ira conversion?

there isnt one
$100000agi
$150000 agi
$250000 agi

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Answer #1

Ans. (A) there isn't one.

Income phaseout for a roth ira conversion

  • Roth IRA income limits: For 2020, if your modified adjusted gross income (MAGI) is higher than $139,000 if you're single ($137,000 for 2019) or $206,000 if you're married filing jointly ($203,000 for 2019) or qualifying widow or widower, you can’t contribute to a Roth IRA. These limits don’t apply to Roth IRA backdoor conversions.
  • Roth IRA contribution limits: For 2019 and 2020, you can contribute $6,000 each year ($7,000, if you are age 50 or over) to a Roth IRA. With a backdoor Roth IRA conversion, these limits don’t apply.
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