From Lenny's Desk
The Sturbridge Taxman's Blog

Clues to help solve your financial and tax puzzles!

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Roth IRA contributions for 2010 and later years

Categories Tax Tips (Fed)

Have you wanted to contribute to a Roth IRA but were not allowed because of the income limitation imposed on participants of an employer retirement plan?  Well although there is some work involved, you can do it now.

The trick is to set up a traditional IRA and then immediately convert it to a Roth IRA.  The income limitations are still there regarding contributions to a traditional IRA, but they have been removed for Roth conversions.

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