By Jared Trexler
An interesting article from TheStreet (www.thestreet.com ) talked about a review of Bank of America’s year-end business in Roth IRA conversions.
What were the findings?
Conversion rates languished during the middle of the year due to the failure of Congress to approve new tax policies much sooner There was a flurry of activity in late December BofA executed more than 56,000 conversions last year (nearly 45,000 more than the total number in ’09) The increased popularity is due to the repeal of income limits on those that can participate The average size of a conversion increased to $68,000 last year, up from $22,000 in 2009 For many BofA clients, the conversion was used as part of an estate plan Nearly 70% of the conversions took place in either the first or last quarter (21,000 in Q4 alone) To read the entire article, please CLICK HERE.
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