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March 20, 2010

Everyone Can Now Convert to a Roth IRA


Prior to January 1, 2010, an individual was ineligible to convert to a Roth IRA if any of the following applied:

  • His modified adjusted gross income (MAGI) was more than $100,000
  • His tax filing status was married filing separately

Effective January 1, 2010, these restrictions no longer apply. As a result, anyone who wants to do so, is now able to convert assets from other eligible retirement accounts to a Roth IRA.

PS: Individuals should work with a retirement or tax professional to determine Roth conversion suitability. There are many facts to consider when trying to determine if a Roth conversion is a wise financial move.



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