Breaking the Roth IRA Rules in 2010 - Now Everyone Qualifies
Posted by John Sheflin on Fri, May 15, 2009
2010 is the magical year of rule breaking.
The Roth IRA is quite possibly the best deal the federal government has ever offered tax payers. But until 2010, this fabulous deal was only offered to people earning less than (approximately) $100,000. Not so in 2010. The federal government has announced a suspension of the rules for 2010.
The Roth IRA is like the pot of gold at the end of the rainbow. You can rollover any amount of money from a traditional IRA or 401(k) into a Roth IRA, and every dollar you earn with that money is TAX FREE.
The federal government really wants people to convert to Roth IRAs in 2010. There is one more reason to convert - you can pay the taxes from the conversion in equal amounts in 2011 and 2012. This means you get a no-interest loan for 2 years.
Besides earning tax-free dollars for you, the Roth IRA is one of the best vehicles for passing money to your heir.
See more information and sign up for an email list which we'll use to remind you to open a Roth IRA in 2010.