When I was growing up, someone who was a CPA was regarded as a person of the highest trust. These days, with all the financial turmoil and reports of abuse done under the noses of CPAs, you wonder if you can trust anyone; we know first hand how you feel. However, we have found a CPA professional ready to take over any mess left by others and move your financial picture forward. continue reading…
More on the 401(K) Scam – Creating Your Own Lifelong Income Streams on the Del Walmsley Radio Show. – good ideas in general, but the math is a bit misleading. There is a better way… continue reading…
Beginning January 1, 2010, the income and filing status requirements for rollovers (including conversions) to a Roth IRA was eliminated. Additionally, for rollovers to a Roth IRA in 2010 only, a special 2-year option for reporting taxable portions of your rollover apply.
Under the new rules, regardless of your income or filing status, you can roll over (convert) the following to a Roth IRA:
For rollovers and conversions to a Roth IRA in 2010 ONLY, you have the option of reporting the taxable portion of your rollover in your gross income for 2010, or reporting half in 2011 and half in 2012.
Previously, to roll over to a Roth IRA, both of these requirements needed to be met; your modified AGI was less than $100,000 and your filing status was not married filing separate.
