Conversion Rules Change in 2010
Beginning in 2010, the rules
that currently prevent a taxpayer with more than $100,000
in income from converting a regular individual retirement
account (IRA) into a Roth IRA are eliminated.
The benefit of a Roth IRA is
that withdrawals from the IRA are not taxable. If you
currently have an IRA with significant gains, it is possible
that it is beneficial for you to convert to a Roth IRA in
2010. Any appreciation after 2010 would become tax free
when you withdraw amounts in future years.
To move forward, initially check
the fair market value and cost basis of your IRA. With this
information, feel free to give our office a call to
discuss your individual situation.
You may speak to Bill Isaacs,
CPA at Extension 119 or Paul Sullivan at Extension 102.
You can avoid headaches at tax time by keeping track of
your receipts and other records throughout the year. Good
record-keeping will help you remember the various transactions
you made during the year, which in turn may make filing your
return a less taxing experience.
Normally, tax records should be
kept for three years, but some documents - such as
records relating to a home purchase or sale, stock
transactions, IRA and business or rental property - should be
In most cases, the IRS does not
require you to keep records in any special manner. Generally
speaking, however, you should keep any and all documents
that may have an impact on your federal tax return.
Find out what the 6 TYPES of
documents are by
clicking here to
read the full article. It and more are on our web site,
available to you at any time.
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Call our offices if you have any
questions about these or any other accounting related issues, at 301-657-8080.
Regards, Paul Sullivan, CPA