Do Your Roth IRA Planning Now

Geraghty Jr., Thomas J .
May 2008
New Jersey CPA;May/Jun2008, p27
The article discusses the elimination of the modified adjusted gross income (MAGI) limit in the conversion of individual retirement accounts (IRAs) by the Tax Increase Prevention and Reconciliation Act of 2005 in the U.S. It is stated that ineligible 2008 taxpayers can convert their traditional IRAs, ineligible contributor taxpayers ca create Roth IRAs through conversion. An example of computation of Roth IRA using John Jones MAGI is presented.


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