In 2010, even the wealthy can have Roths. But before clients leap at the opportunity, review the pros, cons and mechanics. Oh, and know where the exit is
The year 2010 marks the first time that wealthy individuals will have easy access to a Roth IRA. Although they still won't be able to make contributions to a Roth IRA if their adjusted gross income (AGI) is too high, there will no longer be an income limitation to prevent them from converting a traditional IRA or other qualified retirement account into a Roth. A special provision defers the taxation of a 2010 Roth IRA conversion into the years 2011 and 2012. Whereas a traditional retirement ...
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