Roth Conversion for above the limit AGI | Ed Slott and Company, LLC

Roth Conversion for above the limit AGI

Hello all,
Thank you for your time in advance.
Can a single person making 300K convert a TIRA to a Roth IRA? If not, are there any circumstances that allow it?
such as,
1. Convert, transfer directly to an existing roth if there is one?
2. Do a backdoor Roth and then use is a receiving account?

or can this client not do it at all?

There is no longer an income limit to convert to a Roth IRA. That former limit of 100k was eliminated back in 2010. That said, converting 300k in a single year is going to spike the person's tax rate unless the person has a huge NOL to offset the taxable income. 

 

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