TAX 670 Module Six Short Paper Tax Planning.docx TAX670 Tax Planning Advice: IRA/Roth A

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TAX 670 Module Six Short Paper Tax Planning.docx TAX670 Tax Planning Advice: IRA/Roth Accounts Southern New Hampshire University Facts: Client John is considering contributing to his IRA or conv... erting to a Roth. He would like to know if he could wait a couple years before doing this as he believes there are severe tax consequences to this. Also, he would like to know about the income limitations to convert from an IRA to a Roth. Authority: § 408 Individual retirement accounts. §408A Roth IRAs. Reg § 1.408A-3 Research: An Individual Retirement account (IRA) is an investment account used to save for retirement. Under § 408, the term œindividual retirement account means a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries, but only if the written governing instrument creating the trust meets the following requirements: (1) Except in the case of a rollover contribution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]

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