What is the 2010 Roth IRA conversion?
You probably know there are two types of IRAs: Roth and traditional. They basically differ in when they are taxed. Roth IRA contributions are taxed before they go into the IRA; traditional IRAs are taxed when the money is withdrawn. The change is that starting in 2010, there will be no income limits on who can convert from a traditional IRA to a Roth IRA. Historically, the limit for converting has been $100,000 in modified adjusted gross income. Income limits will still apply for Roth contributions.
