2 questions:
1. My understanding is that conversions from Traditional IRA's to Roth IRA's AND rollovers from old 401k's to Roth IRA's are not included in the Roth MAGI but only for the purpose of determining Roth income limits. Am I correct?
2. If someone has a seasonal job their employment with the company ends at the end of the season. Even if they intend on coming back the following year they are technically not hired until the company starts hiring again for the following season. If the person contributes to the seasonal employers 401k can they roll the contributions to the seasonal employer's 401k over to a Roth even if they intend on working for the same employer the following year? Seems like they could do this every year if they wanted to, as each year the 401k becomes a 401k from a former employer. No?
1. My understanding is that conversions from Traditional IRA's to Roth IRA's AND rollovers from old 401k's to Roth IRA's are not included in the Roth MAGI but only for the purpose of determining Roth income limits. Am I correct?
2. If someone has a seasonal job their employment with the company ends at the end of the season. Even if they intend on coming back the following year they are technically not hired until the company starts hiring again for the following season. If the person contributes to the seasonal employers 401k can they roll the contributions to the seasonal employer's 401k over to a Roth even if they intend on working for the same employer the following year? Seems like they could do this every year if they wanted to, as each year the 401k becomes a 401k from a former employer. No?