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IRA Conversions for 2010

In the year 2010 everyone can convert their traditional IRAs to a Roth IRA - and that's an opportunity that not everyone had in the past.

Under the current tax law for Roth IRA conversions - which was written in 1997 - individuals were permitted to convert a traditional IRA to a Roth IRA.

There were only two stipulations that taxpayers had to worry about - paying taxes on the converted money and an income limit which determined eligibility to convert.

With a traditional IRA money can be placed into the account on a pre-tax (tax deductible)and after-tax basis. That investment is allowed to grow on a tax-deferred
basis until withdrawn in retirement.

If an individual wanted to convert a traditional IRA to a Roth IRA they had to pay federal income taxes on any pre-tax contributions as well as any growth in the investment's value. After all, once converted to a Roth, all of the investment could now be withdrawn on a tax-free basis in retirement.

But back in May of 2006 President Bush signed a $70 billion tax cut provision that changed the eligibility rules for Roth IRA conversions.

Starting in 2010, taxpayers with modified adjusted gross
income of more than $100,000 will be allowed to convert a traditional IRA to a Roth IRA. This change applies to all years beyond 2010 - and the income taxes due on the 2010 conversion can be spread over two years. So the 2010
conversion amount may be included as taxable income in 2011 and 2012 - helping to spread out the tax bite. Conversions in subsequent years are included in income during the tax year in which the conversion is completed.

We will help you determine if this opportunity is best for your circumstance. For a confidential analysis, please call our toll free number, (866) 720-4082 or email us at Save@EndSure.com.

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