New Opportunity for IRA Owners: Convert Traditional IRA to Roth IRA

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Beginning January 1, 2010, traditional IRA owners will have the opportunity to convert a traditional IRA to a Roth IRA without being limited by the IRA owner’s income level. Although the Roth IRA is a powerful retirement and estate planning tool, not everyone should rush to convert. Income taxes will be due as a result of the conversion, and this cost must be weighed against the benefits of tax-free growth and tax-free distributions in the future. The best candidates for conversion are those individuals with sufficient wealth outside their IRAs to pay the taxes on the conversion and to cover their living expenses during retirement, with a goal to delay or avoid any withdrawals from the Roth IRA.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Green & Seifter, Attorneys, PLLC | Attorney Advertising

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