Brief: Income restrictions lifted to convert IRAs to Roth IRAs |

Brief: Income restrictions lifted to convert IRAs to Roth IRAs


Beginning in January, the income restrictions will be lifted for individual investors looking to convert their traditional individual retirement accounts (IRAs) to Roth IRAs, according to Joe Cronley, Park City financial advisor with Edward Jones. Previously, investors with an adjusted gross income of more than $100,000 (filing individually or jointly) could not convert to a Roth IRA from a traditional IRA. Investors will have to pay taxes when they convert to a Roth IRA. However, those who convert in 2010 may report the taxable income from the conversion in two equal installments over a two-year period, 2011 and 2012.

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