roth conversion law to pass

[Guest lskin]

WIll the provision to not have an AGI limit to convert be for all years 2010 and after? I know the conversion in 2010 will not be taxed until 2011 and 2012 but I was wondering if 2010 is the only year you can convert without an AGI limit being a problem.

[E as in ERISA]

I know it's a very limited time frame. Not all years after. But I don't know if its only 2010.

[Bird]

I believe taxpayers will be allowed to convert without an AGI limit starting in 2010 (i.e. it's "permanent" for whatever that's worth) but spreading the tax over two years will only be effective for 2010 conversions.

[jevd]

The law also effectively eliminates the AGI limitation on regular ROTH contributions as one will be able to contribute to aTraditional IRA and immediately convert it.

[John G]

In committee, proposed, in conference, or awaiting signature? Any additional details or a website reference would be helpful.

[E as in ERISA]

Signed on Wednesday.

[E as in ERISA]

The Tax Increase Prevention and Reconciliation Act. Summary of conference report at http://rpc.senate.gov/_files/May1106ConfRt...tion%20act'

Text of legislation can be found on Senate's legislation page http://finance.senate.gov/sitepages/legislation.htm