Getting More Out of Retirement
By Joshua MosshartThe Tax Increase Prevention and Reconciliation Act of 2006 provides plenty of tax breaks for individual taxpayers and business owners alike. One of the biggest of those breaks is scheduled to happen in 2010: being able to convert traditional (both non-deductible and deductible) IRAs into Roth IRAs and pay the taxes over a two-year period. With the proper planning this can help individuals grow their wealth. They will never again pay taxes on this money.
Roth History and Background
Roth IRAs were created by the Taxpayer Relief Act of 1997. After-tax dollars are contributed, allowing individuals to receive tax-free distributions … Read the rest