Submitted By: James
Answered: November 26, 2013 8:30 am

I’m 72 years old and do not work. Can I convert my traditional IRA to a Roth IRA?

Yes. Even though there is an age limit for making deductible IRA contributions, there is no age limit for making a conversion from a traditional IRA to a Roth IRA. There is no need to have earned income in the year in which the conversion is made. Of course, income resulting from the conversion must be recognized, which could impact whether and to what extent Social Security benefits are includible in gross income.

advertisement
Tax Glossary

Simplified employee plan (SEP)

IRA-type plan set up by an employer, rather than the employee. Salary-reduction contributions may be allowed to plans of small employers set up before 1997.

More terms