Save time with our cheat sheets, fact sheets, checklists & books!

March 20, 2010

Everyone Can Now Convert to a Roth IRA

Print

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.

By:

More

Keep Learning

Resources from the IRS

Small Business and Self-Employed Tax Center Tax Information For Businesses Independent Contractor (Self-Employed) or Employee? Publication 334 , Tax Guide for Small Business (For Individuals

Be among the first to know when

IRA Rules
Change