Over 100K AGI Roth Conversion after 2010
I have been told by an attorney that the new ruling to allow Roth Conversions with someone who has in excess of 100K of AGI in 2010 goes on indefinately but that the payment of the taxes due on the conversion and extending it out over 2 years is just for 2010.
Is the AGI limit currently in effect, eliminated after 2010 for years beyond 2010? Can anyone in 2011 or 2012 etc, who makes in excess of 100K AGI still be able to convert after 2010?
Thank you.
Permalink Submitted by Edward Czapor on Fri, 2009-12-11 16:09
That is correct, there is no income limitation for conversioms in 2010 or future years. The ability to split the income from a 2010 coversion and have it taxed in 2011 and 2012 is currently only for 2010.
Permalink Submitted by Ray Johns, CEP, RFC, CSA on Fri, 2009-12-11 17:58
Thank you very much for your response to the question.
Thanks again,
Ray J.