IRA Beneficiary
36. To Qualify
What does it take to qualify for a Roth IRA?
To be able to convert some or all of your existing IRA to a Roth IRA, your adjusted gross income must be less than $100,000. In addition, if you are married and file a separate return but you lived with your spouse at any time during the year, you cannot convert to a Roth IRA.*
If your annual income is more than this, it is worth seeing if you can defer some of your income until the following year so your income will be below this limit. If you can do it for just one year, you will qualify to convert your traditional IRA into a Roth IRA.
*NOTE: There are special rules for married couples filing separately. If you did not live with your spouse at any time during the year and you file a separate return, your filing status for this purpose is single. If you did live with your spouse at any time during the year, you are not eligible to convert an existing IRA to a Roth IRA, and if your AGI is more than $10,000, you cannot contribute to a Roth IRA.