Bank of America: Roth Conversions Spike in December 2010 | Ed Slott and Company, LLC

Bank of America: Roth Conversions Spike in December 2010

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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