More information about:
Traditional IRA
Roth IRA
Converting To A Roth IRA
Rollover IRA
Employer Plans: SEP IRA
Employer Plans: SIMPLE IRA
Other information:
Withdrawal Exemptions
Prohibited Transactions
IRA Brochures & Forms:
IRA Brochure (.pdf)
SEP/SIMPLE Brochure (.pdf)
IRS Form 5305 (.pdf)
IRA Distribution Form (.pdf)
IRA Transfer Form (.pdf)
Converting To A Roth IRA
Eligibility
You may convert all or part of your Traditional IRA into a Roth IRA assuming you meet the following requirements:
- If you are married, you must file a joint tax return.
- Your AGI (single or joint) for the year does not exceed $100,000
Assets converted to a Roth IRA are subject to limitations and requirements, including:
- Converted assets must remain in the Roth IRA for five years before they can be withdrawn without penalty. To simplify the identification of converted assets, it is encouraged that you establish a separate Roth IRA for converted assets.
- You may not contribute to a Roth IRA if your AGI (single or joint) is greater than $100,000.
Tax Treatment
Your conversion counts as a Traditional IRA distribution in the year it is completed, and as such is subject to ordinary income taxes. Paying income taxes reduces your assets, which could lessen the burden of estate taxes later.
