2010-01-16 / Business

New year means new opportunities for Roth IRA conversion

WILBUR F. YATES FINANCIAL FOCUS
If you already have a Roth IRA, you’re aware of its biggest benefit: Your earnings grow tax free, provided you meet certain conditions. If you don’t have a Roth IRA, you may want to consider one — and it may be easier for you to do just that in 2010.


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Keep in mind that taxes only

Submitted by Anonymous (not verified) on Sat, 2010-01-16 14:22.
Keep in mind that taxes only have to be paid on deductible contributions as well as investment earnings, so the entire amount of your conversion is not always taxable. As a result, in 2010, you can fully fund a Traditional IRA with non-deductible contributions, and immediately convert to a Roth IRA without tax consequence. Because of this “loophole,” the Roth IRA income limits effectively disappear as well. Anyway, more info on Roth IRA (basic do's and don'ts, what to stay away from, etc) can be found here: http://www.rothirarules.net/roth-ira-conversion.htm

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