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I have a small balance in a traditional IRA (as a result of company-match to Roth 401K contribution) and also a Roth IRA which is fully funded for the year.

Can I pay the tax and convert my traditional IRA to Roth IRA despite the fact that I've already contributed the annual maximum into my Roth IRA?

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Yes. You can convert an unlimited amount from a traditional IRA to a Roth, and pay the tax to the extent any of the account wasn't yet taxed. It does not count against any annual deposit limits.

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