If your
income exceeds certain levels, you cannot make contributions to a Roth IRA.
However, you can convert a traditional IRA to a Roth IRA no matter how high
your income. Roth IRAs are popular because qualifying distributions are
tax-free and annual distributions are not required at age 70½. A conversion to
a Roth is a taxable event, so factor that into your analysis. For more
information, call us.Saturday, February 15, 2014
Take a different route to a Roth IRA
If your
income exceeds certain levels, you cannot make contributions to a Roth IRA.
However, you can convert a traditional IRA to a Roth IRA no matter how high
your income. Roth IRAs are popular because qualifying distributions are
tax-free and annual distributions are not required at age 70½. A conversion to
a Roth is a taxable event, so factor that into your analysis. For more
information, call us.
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