Roth conversion taxes due

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.

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