| What's New: Three important IRA reminders
As you do your tax and financial planning over the next several months, keep these current and future IRA rules in mind:
If you are required to take annual distributions from your IRA or other retirement plan, remember that these required minimum distributions (RMDs) were suspended for 2009.
- If you're 70½ or older, you can make a 2009 donation of up to $100,000 directly from your IRA to a qualified charity without treating the donation as a taxable IRA distribution.
- Beginning January 1, 2010, the $100,000 income limit for converting a traditional IRA to a Roth IRA is eliminated. This rule change essentially allows everyone at every income level to convert a traditional IRA to a Roth.
© copyright 2009 |