The 2010 Form 1040 reflects a number of new tax breaks. Some are straightforward. Others are complex. Some present choices. But they all provide an opportunity to save money.
We want you to be aware of the new tax breaks for this filing season so that you can take full advantage of them. Today’s post addresses Roth IRA rollovers.
Roth IRA rollovers no longer restricted. You can now make a qualified rollover contribution to a Roth IRA, regardless of the amount of your modified adjusted gross income. Also, income from a Roth rollover can be spread out. Half of any income that results from a rollover or conversion to a Roth IRA from another retirement plan in 2010 is included in income in 2011, and the other half in 2012, unless you elect to include all of it in 2010.
If you have any questions about these tax breaks, or tax planning in general, please contact our office.
© 2011 Thomson Reuters/RIA. All rights reserved.