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ypsiCPA

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ypsiCPA

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Wednesday, 09/30/2009 2:59:17 PM

Wednesday, September 30, 2009 2:59:17 PM

Post# of 585
Conversion to Roth IRA (2010)

Effective January 1, 2010, income restrictions on converting a Traditional IRA to a Roth IRA are eliminated. The amount converted must be recognized as income - but if conversion is done in 2010, taxpayer has the option to recognize half the income in 2011, and half in 2012.

Income restrictions will remain on Roth IRA contributions. But Congress has provided a loophole: make a nondeductible Traditional IRA contribution, then convert to a Roth IRA.

http://www.money-zine.com/Financial-Planning/Retirement/2010-Roth-IRA-Conversions/
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