converting traditional IRA to Roth with no salary income?

Home Fairmark Forum Retirement Savings and Benefits converting traditional IRA to Roth with no salary income?

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  • #8129
    starfish11040
    Participant

    I may have made a mistake. This year I have converted about $20K from my traditional IRA to my Roth. My income is from investments and SS, no salaried income. I knew that I couldn’t make a normal contribution to any IRA but I thought that conversion was ok. Am I in trouble?

    #8136
    Alan S.
    Participant

    A conversion does not require any earned income. However, depending on several variables such as your other income and deductions, the conversion is likely to increase your tax bill for 2020. It may or may not increase the amount of your SS benefit that is taxable.

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