Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 12-15-2010, 12:59 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
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!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
2010 is the last chance to use funds in a Coverdell Education Savings account to pay for private elementary and high school tuition! TaxGuru Education Planning 0 12-15-2010 12:54 AM
What are 2010 Rules for Roth IRAs? TaxGuru IRA/Sep 0 01-06-2010 07:03 PM
Foreigner living aborad, investing in a retirement account in the US Raquel IRA/Sep 0 03-17-2009 03:10 AM
Recharacterization of Roth to Traditional IRA tristan IRA/Sep 1 02-23-2008 11:08 AM
Is it worth buying Annuities in my Retirement Account? Daso Investment Strategy 6 01-12-2008 11:28 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.