!2/31/2010 Roth Deadline | Ed Slott and Company, LLC

!2/31/2010 Roth Deadline

I've just been informed by a CPA that income limitations ($250,000 joint) for traditional to Roth IRA conversions has been PERMENTANLY repealed and that the 12/31/2010 dealine only applies to spreading the TAX over two years--anyone else heard of this?

Yes. The modified AGI income limitations for Roth conversions no longer apply after 2009. Also, the two year deferral option only applies for conversions in 2010. After 2010, anyone can still convert without limitations, but the income must be reported fully in the year of conversion. Note: Former modified AGI limit for conversions was 100,000, not 250,000.
 

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