- Family Features
- Business Directory
- Gallery Of Homes
- Subscribe Now!
- Place A Classified Ad
- New! Digital e-Edition
Roth conversion taxes due
Feb 20, 2013 5:00 pm
Some taxpayers will need to dig back a couple years for this year’s return.
In 2010, the federal government removed a $100,000 income limit on conversions to Roth IRA accounts.
“Prior to that time, if your modified adjusted gross income was over $100,000 you could not even convert a regular IRA to a Roth IRA,” said Dan Boone, a spokesperson for the IRS.
During the first year of the change, the IRS allowed taxpayers to report just half of the taxable amount of the conversion, and the remainder would be taxed later.
Three ways to read the whole story:
1. Pick up a copy of Thursday’s edition of The Democrat. To get a subscription, call 615-444-3952.
2. For access to The Democrat’s e-Edition, go to lebanondemocrat.com/e-edition-landing-page. Each publication day, a new e-edition is added by noon.
3. Check back here tomorrow afternoon for this story in its entirety.