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Contributed by mm | May 20, 2006 1:40 AM PST
... Only by 2010.
It might open a tax saving strategy for some people, but keep in mind: you will need to dip into your after-tax savings account to pay for the tax during the conversion. More discussion on this topic can be found in this CCH publication.
From CCH:
Currently, in order to be able to convert from a traditional to a Roth IRA, the taxpayer's adjusted gross income for the year must not exceed $100,000. The $100,000 limit applies to the combined income of a married couple filing jointly. Under the tax reconciliation bill, the income limit would be eliminated, effective for tax years beginning after December 31, 2009. Thus, taxpayers would be permitted to make such conversions without regard to their AGI. Under the bill, taxpayers could elect to pay tax on amounts converted in 2010 in equal installments in 2011 and 2012. However, income inclusion would be accelerated if converted amounts were distributed before 2012.
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Higher Foreign Housing Cost Exclusion/Deduction For Some Expatriates (October 9, 2006)
The Treasury Department is doing the right thing to correct course of the damage an earlier tax change caused on American expatriates. The complete list of new housing deduction or exclusion limits can be found in Treasury's notice here. Unfortunately, I will not personally benefit ...
More States Offer Tax Holidays In 2006 (July 24, 2006)
If you live in a state with sales tax, chances are you can get a tax break on certain purchases in the first weekend of August. Each state has different rules, so you might want to consult the following summary provided by CCH.
At H&R Block, "Simple Pay" Is Not Simple (April 15, 2006)
Now wonder why both online versions of H&R Block's TaxCut and Quicken's TurboTax do not want you to pay the tax preparation fee upfront. By deducting the fee from your tax refund, these shops are positioned to make $20 or $30 more. H&R Block is ...
this is a way for the government to pay for other reckless tax cuts by taking in now some money from rich people doing roth conversions, foregoing future tax revenues from when those people would have taken money from their trad ira, a good deal indeed |
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