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    • New Roth IRA Rules Postpone Income Reporting

    On January 1, 2010 the rules for converting a retirement account to a Roth IRA are changing.  Currently, people can only convert their accounts to a Roth IRA if they have a modified adjusted gross income of $100,000 or less and must not be filing their taxes as married filing separately.  Under the new rules, people will be able to convert their other IRAs to a Roth regardless of their income levels.  In addition, their is an option that allows report half the income from your conversion in 2011 and the other half in 2012 rather than reporting all of it in the year of conversion as required under the current rules.

    November 30, 2009 | Filed Under Budgeting, Creating Wealth, Fix My Finances, Retirement Planning, Saving, Simplify, Taxes 

    Comments

    One Response to “New Roth IRA Rules Postpone Income Reporting”

    1. Alan Sterling on November 30th, 2009 9:47 pm

      Roth IRA is not that great of a an investment vehicle, especially in this economic environment. Cash is no longer the kind, hard assets like gold, land and even real estate are good options, at least for right ow.

      For those who trying to decide whether to switch to Roth IRA, this may help you:

      http://www.rothirarules.net

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