Q. Can I contribute to a Roth IRA this year if I already converted some funds from my regular IRA? I.S., Bridgewater, N.J.
A. Possibly. The contribution limits are separate from the rules for conversions. For the 2010 tax year, you can generally contribute up to $5,000 to a Roth IRA ($6,000 if you’re age 50 or older). But the ability to contribute to a Roth for 2010 is phased out for joint filers with a modified adjusted gross income (MAGI) between $167,000 and $177,000 ($105,000 and $120,000 for single filers). No contribution at all is allowed if you exceed the upper threshold.
Tip: Roth IRA conversions are now permitted regardless of your income. Prior to 2010, the limit was $100,000 of AGI.