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Now Everyone Can Convert to a Roth

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 17, 2024 2:38 PM
OVERVIEW

New rules for converting your traditional IRA to a Roth IRA began in 2010. Now everyone can convert to a Roth IRA.

 

Key Takeaways

  • As of 2010, you can convert traditional IRAs to Roth IRAs regardless of your income level.
  • Your contributions to a traditional IRA are usually tax-deductible, but you'll be taxed on withdrawals. With a Roth IRA, your contributions are made with after-tax dollars, so your withdrawals are for tax-free, if you qualify.
  • Roth IRAs offer tax-free growth and you're not required to take minimum distributions during your lifetime.
  • Income limits still apply for Roth IRA contributions, with eligibility based on your modified adjusted gross income.

Boost your retirement savings

If you use a traditional IRA to help build income for retirement, your contributions are most likely tax deductible. But you’ll have to pay income taxes when you withdraw the money. You don’t have any choice because you must start taking annual distributions after you reach age 72 that are included taxable income.

Contributions to a Roth IRA, in contrast, are made with after-tax dollars and are not tax deductible. You get years of tax-free growth just like a traditional IRA. But with the Roth IRA, there is generally no income tax on withdrawals as long as you’re older than age 59½ and have held the Roth IRA for at least five years. Additionally, you don’t have to take any distributions during your lifetime.

The tax-free nature of Roth withdrawals is very attractive. However, annual contributions to Roth IRAs are capped at $7,000 ($8,000 if you are age 50 or over) in 2024, so the big payoff from converting is when you convert a sizable existing traditional IRA to a Roth IRA. By converting you change otherwise taxable distributions to tax-free distributions. What’s the catch? You’ll have to pay tax now on the amount you convert.

As mentioned above, in 2010, the rules changed. The income cap on conversions was permanently repealed. No matter what your income, you can convert a traditional IRA to a Roth IRA.

TurboTax Tip:

Converting from a traditional IRA to a Roth IRA means you'll pay taxes on the converted amount, but this could lead to tax-free distributions in the future.

Income limits on contributions remain in effect

While the income limits on Roth conversions were eliminated in 2010, there are maximum income limits for Roth IRA contributions. In 2024, those filing as Married Filing Jointly can contribute to a Roth IRA if your modified adjusted gross income (MAGI) is below $230,000. The benefit phases out between $230,000 and $240,000. If your income exceeds $240,000, you are not eligible to contribute any amount to a Roth IRA for 2024.

For those filing as Single, the 2024 Roth IRA phase-out limit is between $146,000 and $161,000, after which you may not contribute.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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