According to Pensco trust, A new bill has recently has been signed into law that will enable current IRA (individual retirement account) holders to convert traditional IRA’s to a Roth IRA. The new law will become effective in 2010. What is special about this new law is that it has eliminated the $100,000 income cap. Prior to this new law, only individuals with and annual adjusted gross income less than $100,000 could participate. The new law eliminates the cap.
This is a great opportunity for investors as they will be able to convert traditional IRA money who’s annual contribution limit is much higher than Roth, into a Roth. Once converted, all of the proceeds that the self directed Roth IRA earns will be tax FREE! This is unbelievable!
To fully take advantage of this new law, Pensco is recommending that individuals start contributing after tax income now to a traditional IRA and in 2010 to convert it. In case you are wondering why the government is doing this, it is to cover projected losses in revenue in 2010. The conversion of some IRA’s should cover these losses.
Don’t miss out on this opportunity. This is the big one. For more information, please give me a call and I can direct you to self directed trust companies and CPA’s that will get you positioned to make millions. Comments?