ROTH CONVERSION / STIMULUS PAYMENTS
For anyone interested IRS has published FS-2008-15 on their web site concerning 2008 Stimulus Payments.
My original question was does a Roth conversion count toward the $150,000 joint income?
Under Exclusions:
Dividends, interest and capital gains income is not included when determining qualifying income. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. Also not included in qualifying income are non-veterans or non-Social Security pension income (such as those from Individual Retirement Accounts).
If anyone has any information for me regarding this question, please advise me. It would be very appreciated. Thank you.
Permalink Submitted by Alan Spross on Thu, 2008-02-14 05:47
I do not see any exclusion of the Roth conversion with respect to hitting the phaseout range for the check.
The qualifying income you are referencing is for those low income people who do not pay taxes or pay very limited taxes. IRA distributions do not count as qualifying income for those taxpayers, but it appears that it can count with respect to the maximum threshold.