New rules and technology, trends among baby boomers and the Great Recession have led to a burst in Roth individual retirement account conversions.

At Bank of America, conversions to Roth IRAs in the first quarter spiked to about 15,000 from 3,600 a year earlier, and handily topped 2009's total of 8,000. Tax law changes involving income thresholds resulted in roughly 13 million U.S. households becoming newly eligible for conversion to Roths from traditional IRAs or 401(k)s.

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