Hi MMM'ers,
Can I convert rollover IRA $$$ (all pre-tax $) to a Roth IRA, while also contributing to a separate traditional IRA (in the same tax year)? I don't think this is allowed, but I haven't been able to find anything that addresses this question.
- I do not have a Roth IRA account at the present time.
- I have separate Traditional IRA and Rollover IRA accounts.
- Current income is ~60K, so a Traditional IRA contribution allows me to decrease some federal taxes. But I'd like to convert some of my IRA $ as my RMD's at age 70 will likely put me in a higher tax bracket (Estimated RMD from Schwab's calculator is 65K assuming 4% growth, current age = 54).
Thanks,
Sparty