Tax News
This is where I'll announce updates on tax changes and give financial tips. **WARNING** The statements made on this page are not to be construed as tax advice. The situations cited are general provisions of the tax law. These general provisions may not be applicable to your specific tax situation. Please contact your tax adviser with details of your situation to determine if exceptions may apply to you.
Roth IRAs have been around for sometime now. Many individuals that wanted to rollover funds from a traditional IRA to a Roth IRA were not able to do so in previous years, due to income level restrictions. For 2010, those income levels have been suspended, allowing anyone to roll funds from a traditional IRA to a Roth. Also, you are able to split the income taxes due into two payments, one for 2010 and the other half in 2011. Also, for 2009, the first $2,400 of unemployment compensation is excluded from federal income taxation.
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