Roth IRA Conversions
Traditional and Roth IRA contributions must be made by April 15th and the maximum contribution is $5,000 for 2009. If you are over age 50, an additional catch-up contribution of $1,000 can be contributed (income limitations apply to Roth IRA’s).
Starting in 2010, investors who own traditional IRAs will be able to do a Roth IRA conversion regardless of their income level or tax filing status. Additionally, investors who convert in 2010 have the option to delay their tax payment for a year and spread their payment over the 2011 and 2012 tax years. Please consult with your tax professional to determine if a conversion makes sense for you.
In 2010, there is a home buyers tax credit available. One is the $8,000 “first time” home buyer credit and the other is the $6,500 “move-up/repeat” home buyer credit. April 30, 2010 is deadline for these tax credits. Please consult with your tax professional for details and to determine if you would qualify.
