By Jared Trexler
An interesting article from TheStreet (www.thestreet.com) talked about a review of Bank of America’s year-end business in Roth IRA conversions.
What were the findings?
- Conversion rates languished during the middle of the year due to the failure of Congress to approve new tax policies much sooner
- There was a flurry of activity in late December
- BofA executed more than 56,000 conversions last year (nearly 45,000 more than the total number in ’09)
- The increased popularity is due to the repeal of income limits on those that can participate
- The average size of a conversion increased to $68,000 last year, up from $22,000 in 2009
- For many BofA clients, the conversion was used as part of an estate plan
- Nearly 70% of the conversions took place in either the first or last quarter (21,000 in Q4 alone)
To read the entire article, please CLICK HERE.
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