The American Institute of CPAs is offering a CPA-oriented guide on Roth IRA conversions now that the old $100,000 income limit for converting a traditional IRA to a Roth IRA no longer applies.

Since its inception in 1997, the Roth IRA was restricted to taxpayers whose adjusted gross income was under $100,000. As of 2010, taxpayers can make the transition to a Roth IRA regardless of their modified adjusted gross income or filing status.   

The new book, “The Rebirth of Roth: A CPA’s Ultimate Guide for Client Care,” by Robert Keebler, provides CPAs with the current rules and regulations, and covers topics such as tax planning strategies and client and beneficiary considerations. The book reveals how a conversion to Roth IRAs allows CPAs to help clients accomplish a variety of financial planning goals, including investment allocation and managing retirement assets.

Keebler, a partner with Baker Tilly Virchow Krause, LLP, received the 2007 Accredited Estate Planners award from the National Association of Estate Planning counsels.

Keebler delivered a presentation on “Roth Conversions in 2010” at the AICPA Advanced Personal Financial Planning Conference in Orlando, Fla., on Jan. 18. He addressed conversion strategies, reasons to convert to Roth IRAs and the taxation of Roth IRA distributions.

“One of the most powerful financial and wealth transfer planning opportunities available today is the ability to convert a traditional IRA into a Roth IRA,” he wrote in the book’s introduction. “Although income tax must be paid on the converted amount, the payment of this initial tax liability can result in significant future tax savings.”  

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access