conversions
You mentioned 2010 allows you multiple years to pay taxes , does it also allow you to convert with income greater then $100,000?
You mentioned 2010 allows you multiple years to pay taxes , does it also allow you to convert with income greater then $100,000?
Permalink Submitted by Clyde Wolf on Thu, 2008-11-13 18:55
Margaret_M_McGrath,
The Modified Adjusted Gross Income (MAGI) limit is removed for all years after 2009 for conversions to a ROTH IRA.
For conversions completed in 2010 the tax on the converted amount may be spread equally over 2011 and 2012.
Before doing any conversions, make sure your forms 8606 are up to date and correct for all non-deductable contributions you made from 1987 to the present.