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March 20, 2010

Everyone Can Now Convert to a Roth IRA

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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.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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