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Old 12-15-2010, 12:59 AM
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2010 is also the Year to convert a traditional retirement account into a ROTH IRA!

In 2010, all taxpayers, regardless of income limitations, can now convert a traditional retirement account to a Roth IRA, but this is restricted to those who do so by December 31. These taxpayers will have the added benefit of splitting the tax bill on the conversion between their 2011 and 2012 tax returns.

The best part of this is that if the taxpayer chooses the split, the conversion into a ROTH IRA will not result in an increase for that taxpayers 2010 income!

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Ask TaxGuru Please refer to the legal disclaimer.

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