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New Tax Law Allowing For Roth IRA Conversions May Be a Bad Deal for Taxpayers
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New Tax Law Allowing For Roth IRA Conversions May Be a Bad Deal for Taxpayers
Jeff Nabers, CEO of the Nabers Group an unconventional financial planning firm
located in Denver, CO, cautions those to carefully look at all their options...
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New Tax Law Allowing For Roth IRA Conversions May Be a Bad Deal for Taxpayers
Jeff Nabers, CEO of the Nabers Group an unconventional financial planning firm
located in Denver, CO, cautions those to carefully look at all their options when
considering a Roth IRA conversion.
Denver, CO, November 16, 2009 -- In 2010 millions of Americans will be able to do
something they have never done before ? convert their IRA into a Roth IRA account.
Current 2009 limitations do not allow anyone who makes more than $100,000 per year
to convert their traditional retirement funds into a Roth IRA.
However, beginning in 2010, the Roth IRA conversion restrictions are being lifted.
But is this really a good thing for taxpayers?
"Roth IRAs are a bad idea for taxpayers because they are paying taxes now in order
to avoid paying taxes on distributions that are taken later," said Jeff Nabers, CEO
of Nabers Group.
The problem is partly the economic crisis that we are in.
"It
makes sense if we were in a commo
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