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Help your clients benefit from the opportunity to convert to Roth IRAs—regardless of their MAGI or filing status—with this comprehensive guide. Written by a nationally recognized expert in retirement, estate, and family wealth preservation, The Rebirth of Roth brings you up to date on current rules and regulations, then digs into critical topics such as
This guide will reveal how important conversion to and recharacterization of Roth IRAs can be to accomplish a variety of financial planning goals, and it will show you how to implement this planning. An accompanying CD-ROM includes an MP3 file with further guidance from the author, as well as a valuable PowerPoint file that you can use to create your own client presentations.
Conversion to Roth IRAs becomes available to all on January 1, 2010. Make sure you’re the expert your clients turn to!
About the Author
Robert S. Keebler, CPA, MST, AEP (Distinguished) is a partner with Baker Tilly Virchow Krause, LLP. He is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planning counsels. Mr. Keebler was named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH's magazine, Journal of Retirement Planning, and a member of CCH’s Financial and Estate Planning Advisory Board.
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Praise for The Rebirth of Roth
“Back in 2006 Congress passed legislation opening the door for taxpayers with MAGI above $100,000 to convert traditional IRAs to Roth IRAs in 2010. Bob Keebler was one of the first people on the street talking about this issue and ever since that time he has been at the forefront, pointing out the significance of this provision and urging practitioners to counsel their clients. Now that we are into 2010 more and more clients are hearing about Roth conversion in the media and asking questions about whether this is something they should consider. Bob’s new book is a tremendously valuable resource for practitioners who are dealing with this issue. He truly is among the leading practitioners in this country when it comes to issues surrounding IRAs.”
— Sidney Kess, CPA
Preface
Important changes have taken place since Congress created the Roth IRA in 1997. The Treasury Department finalized Roth IRA regulations and regulations governing qualified plans and all IRAs. The Economic Growth and Tax Relief Reconciliation Act of 2001 (2001 Tax Act), changed the landscape of estate planning, creating qualified Roth contribution programs, increasing annual IRA contribution limitations, and allowing additional makeup contributions for many taxpayers.
Perhaps equally important, the bull market of the 1990’s finally ended, producing sharp drops in the price of many stocks. These low stock prices, make this the ideal time to make a Roth IRA conversion and should encourage those who have already made a Roth conversion to recharacterize, eliminating the tax paid on the earlier conversion and allowing them to subsequently reconvert while the value of the IRA assets is low.
Since inception, Roth conversions have been limited to those taxpayers whose AGI is under $100,000. However, due to legislation changes made in May 2006, a new door of opportunity has been opened for those interested in the Roth IRA. Beginning January 1, 2010, taxpayers will be able to convert to a Roth IRA without regard to their MAGI or filing status. Additionally, any taxable income resulting from a 2010 conversion may be spread over tax years 2011 and 2012, with 50 percent of the taxable income included in each of those two tax years.
These developments have made it necessary to reexamine our clients’ existing Roth IRA planning. The Rebirth of Roth: A CPA’s Ultimate Guide for Client Care, based on and expanded from The Professional’s Guide to Roth IRAs: Implementing the 2001 Tax Act, brings you, the planner, up to date and offers suggestions for planning in today’s changed legal and economic environment.
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