There are no income limits on who can convert to Roth. You can also log in to get the required RMDSlog estimate for your Fidelity IRA accounts (traditional IRAs, SEP IRAs, SIMPLE IRAs, accrued IRAs, and all small business retirement plans). If you have one or more IRAs that you've funded with deductible contributions, even the clandestine strategy can't stop you from owing taxes for a conversion to Roth. Once the conversion is complete, the money in your Roth IRA becomes subject to the Roth IRA distribution rules.
If neither you nor your spouse (if any) participate in a work plan, your traditional IRA contribution is always tax-deductible, regardless of your income. If your modified AGI is equal to or less than the lower phase-out amount, you can deduct your total IRA contribution. The taxable proportion of your contribution is equal to the percentage of taxable contributions in all your IRAs. The financial institution that holds your traditional IRA contributions transfers them directly to the institution that holds your Roth IRA.
The same maximum applies to traditional IRAs and is also the total amount you can contribute in a year to several IRAs. If you're married and one spouse doesn't receive compensation or receives less compensation, you can open an IRA account for the spouse who receives less taxable compensation than the other spouse. If you or your spouse participate in a traditional qualified retirement plan at work that accepts the renewal of pre-tax (deductible) IRA balances, then you have another way to avoid taxes if you use the clandestine strategy to fund a Roth. Instead, you should treat all your IRAs as a collective IRA and convert a proportionate share of the money before and after taxes into the account.
With a clandestine Roth IRA, a person makes a non-deductible contribution to a traditional IRA and then converts that account into a Roth IRA. If you're covered by a business plan, a second test decides how much of your IRA contribution you can deduct. If your employer allows it, you may be able to transfer the pre-tax portion of your traditional IRA contributions to your 401 (k) plan, leaving only the non-deductible portion for the conversion. One way to get around the income limit of a Roth IRA is to create a clandestine Roth IRA, which involves putting money into a traditional IRA and then converting the account into a Roth IRA.
Your other IRAs won't be included in it; they'll only be included in government tax calculations.