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I heard from a local financial advisor that in 2010 there will be a federal law that allows for conversion from IRA into Roth IRA and a 2 year window to pay the tax. Anyone else heard of such a law?
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Re: Tax on conversion of money market to Roth IRA?
not an IRA - called a liquid assets fund - so basically a plain account. my understanding is that one does not need to report self-employment earnings of 600 or less under a single contract. i can't remember wether this is actually 600 or less or if its LESS THAN 600. so as a single filer i automatically take out 8450? i have heard
Re: Tax on conversion of money market to Roth IRA?
What is this money-market account? Is it in a traditional IRA? Is it in a plain old taxable account? If it is in a traditional IRA and you have never made non-deductible traditional IRA contributions, the entire $8700 will be taxable and on top of that, the $2000 you don't convert will be subject to the 10% early withdrawal penalty (unless
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