Earned income is a requirement to contribute to a traditional IRA, and your annual contributions to an IRA cannot exceed what you earned that year. One method of conversion is to take a distribution from the traditional IRA and contribute it (reinvestment) to a Roth IRA within 60 days from the date of distribution. This amount is used to determine your deductibility for the traditional IRA or your eligibility for Roth IRA contributions.
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What are the pros and cons of having an ira?
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