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Victor J. Schultz

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2010 Roth IRA conversions for Wisconsin Taxpayers

Taxpayers with more than $100,000 in adjusted gross income are now eligible to convert their individual retirement accounts to a Roth IRA. Conversion is a compelling tax-planning opportunity because: 1) you avoid income tax on future Roth IRA earnings; 2) you lock in tax at today's historically low income tax rates; 3) you avoid required minimum distributions at age 70 ½; 4) your taxable income will be lower during retirement; 5) beneficiaries of your inherited Roth IRA will receive tax-free distributions; and 6) if you convert in 2010, you may defer recognition of income until 2011 and 2012.

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