You may convert all or part of a Traditional IRA into a Roth IRA regardless of your modified adjusted gross income (MAGI). You can also roll over assets from a previous employer's plan to a Roth IRA with no income limitations.
ROTH IRA CONSIDERATIONS
- Roth IRAs have no distribution requirements.
- You may potentially reduce or eliminate the taxes your beneficiaries will have to pay after inheriting.
- When converting to a Roth IRA, a key consideration is whether to pay taxes now in order to provide tax-free income potential in the future.