Comments on: Roth IRA Conversion Tips http://moneysmartlife.com/roth-ira-conversion-tips/ Money Tips for a Better Life Fri, 25 May 2012 08:24:26 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Britt http://moneysmartlife.com/roth-ira-conversion-tips/comment-page-1/#comment-162011 Britt Fri, 18 Sep 2009 20:32:47 +0000 http://moneysmartlife.com/?p=2416#comment-162011 The 2010 Roth IRA conversion rule change also effectively eliminates the income limits on making a Roth IRA contribution. For instance, someone who earns too much to contribute to a Roth IRA or make deductible contributions to a Traditional IRA can still make non-deductible (after-tax) contributions to a Traditional IRA. With the elimination of the $100,000 limit on Roth IRA conversions in 2010, the Traditional IRA can then be immediately converted to a Roth IRA, effectively eliminating the income limits restricting who can and cannot contribute to a Roth IRA. The 2010 Roth IRA conversion rule change also effectively eliminates the income limits on making a Roth IRA contribution.

For instance, someone who earns too much to contribute to a Roth IRA or make deductible contributions to a Traditional IRA can still make non-deductible (after-tax) contributions to a Traditional IRA.

With the elimination of the $100,000 limit on Roth IRA conversions in 2010, the Traditional IRA can then be immediately converted to a Roth IRA, effectively eliminating the income limits restricting who can and cannot contribute to a Roth IRA.

]]> By: David@DINKS Finance http://moneysmartlife.com/roth-ira-conversion-tips/comment-page-1/#comment-161829 David@DINKS Finance Wed, 16 Sep 2009 15:44:16 +0000 http://moneysmartlife.com/?p=2416#comment-161829 "However, if you convert your traditional IRA in 2010 you can delay reporting of the income over a two year schedule. The rules allow you to defer 50% of the income to 2011 and the other 50% until 2012." Nice, this is definitely something people should keep in mind when debating whether to switch over or not. “However, if you convert your traditional IRA in 2010 you can delay reporting of the income over a two year schedule. The rules allow you to defer 50% of the income to 2011 and the other 50% until 2012.”

Nice, this is definitely something people should keep in mind when debating whether to switch over or not.

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