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?
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.