new ira law
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new ira law
a new law says that in 2010, you can convert ur traditional ira to roth ira. does that mean u dont have to pay tax on the tax-deferred contributions? please help.
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From: NY
Taken from a story in USA Today:
Taxpayers who convert their IRAs in 2010 could also spread out the tax payments. Those who convert in 2010 wouldn't have to pay any tax on the conversion that year, says Mel Schwarz, legislative affairs partner for Grant Thornton LLP. They would be allowed to pay half their tax bill in 2011 and the other half in 2012, he says.
Full story:
http://www.usatoday.com/news/washington/20...-10-roths_x.htm
Taxpayers who convert their IRAs in 2010 could also spread out the tax payments. Those who convert in 2010 wouldn't have to pay any tax on the conversion that year, says Mel Schwarz, legislative affairs partner for Grant Thornton LLP. They would be allowed to pay half their tax bill in 2011 and the other half in 2012, he says.
Full story:
http://www.usatoday.com/news/washington/20...-10-roths_x.htm
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