Emily Brandon wrote an article that found its way onto Yahoo! News this week titled "5 Retirement Tax Deadlines To Plan For". In the piece, Brandon lays out five important dates to write on your retirement calendar.
Ed Slott is quoted when talking about the March 1, 2011 deadline of moving an entire IRA distribution into a Roth IRA in 2011. (for accounts that must be utilized by year-end 2010).
Slott says: "The money doesn't necessarily have to go in the Roth in 2010, but you need to convert it within 60 days of the withdrawal."
That means if you receive the distribution on December 31st, you have until March 1, 2011 to deposit the money in a Roth IRA and have it count as a 2010 conversion.
CLICK HERE to read the rest of the article.
------------------------------------------------------------------------------
Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.
*Copyright 2010 Ed Slott and Company, LLC
Tuesday, October 19, 2010
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment