2010…Year Of The Roth IRA Conversion!
2010 is the perfect year to do a conversion to the Roth IRA. You can pay the taxes over 2 years. But there are some things to be careful of.
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0 thoughts on “2010…Year Of The Roth IRA Conversion!”
Great information, Mark. What are the contribution limits for a Roth and the salary limitations? Have those changes as well?
Thanks Dave! If you qualify to make a Roth contribution, you can put in $5000 for the year. If you’re over 50 years old, you can put in an additional “catch-up” contribution of $1000, so $6000 total. To qualify to make a Roth contribution you need to have a modified adjusted gross income of under $150,000 if you file married jointly on your taxes. For other tax filing limits, visit my site http://www.great-financial-planning.com/roth-ira-limits.html for more information.