New Year means new opportunities for Roth IRA conversion according to Edward Jones financial advisor
Last updated 1/14/2010 at Noon
BONSALL – Beginning this month, the income restrictions will be lifted for individual investors looking to convert their traditional individual retirement accounts (IRAs) to Roth IRAs, according to Kent Borsch, a financial advisor in Bonsall.
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. A conversion is usually reported as income for the tax year the conversion takes place. However, in 2010 only, your conve...