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Want To Convert To a Roth IRA?Want To Convert To a Roth IRA?

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

Christopher R. Hoyt, Professor of Law

September 1, 2009

27 Min Read
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By Christopher Hoyt

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 account is designed to defer the taxation of compensation income, a Roth IRA is the inverse: There is no income tax deduction for a deposit into a Roth IRA but the distribution, including the investment income earned in the account, ...

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About the Author

Christopher R. Hoyt

Professor of Law, University of Missouri

Christopher R. Hoyt, JD is a Professor of Law at the University of Missouri Kansas City School of Law where he teaches courses in the area of federal income taxation and business organizations.  Previously, he was with the law firm of Spencer, Fane, Britt & Browne in Kansas City, Missouri.  He received an undergraduate degree in economics from Northwestern University and he received dual law and accounting degrees from the University of Wisconsin.

Professor Hoyt has served as the Chair of the American Bar Association’s Committee on Charitable Organizations (Section of Trusts and Estates) and is on the editorial board of Trusts and Estates magazine. He is an ACTEC fellow, has been designated by his peers as a “Best Lawyer”, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils.  He is a frequent speaker at legal and educational programs and has been quoted in numerous publications, including The Wall Street Journal, Forbes, MONEY Magazine, The New York Times and The Washington Post