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sschullo

"crooks Are After Your Retirement Plan"

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This can be good news:

At the beginning of the year, U.S. taxpayers got a new option: They could take money sitting in traditional Individual Retirement Accounts and “convert” this money into Roth IRAs. In the past, income tests blocked most well-heeled investors from trading in their traditional IRA for a Roth.

 

If you convert in 2010, Uncle Sam will even allow you to spread the tax hit over two years. (You have to pay income taxes on money coming out of the traditional IRA to convert it into a Roth. Normally you’d have to do that in the year you convert. But a special tax law allows you to delay declaring the conversion income and split it into the 2011 and 2012 tax years.) That’s got a number of financial advisors saying that this is a once-in-a-lifetime opportunity that investors should seriously consider. (Or not…Check here for a detailed analysis of how to figure out whether you’d be better off converting or leaving your IRA alone; I did a piece on the same topic here; or you can listen to MoneyWatch’s Eric Schurenberg explaining the key issues below.)

 

Read the article for the extremely bad news:

 

http://moneywatch.bnet.com/saving-money/bl...col1;blog-river

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Thanks for posting this, Steve. Kathy Kristoff is near the top of my list of financial heroes! The ###### has courage as well as clear thinking. What a treasure.

 

JudyS

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