Hear Ye! Hear Ye! Change to Roth IRA Plan

Dear Readers,

Beginning in 2010, there will no longer be income limitations for those wishing to open a Roth savings account. So in other words, if you wish to rollover your plan assets to a Roth IRA, you no longer have to fork over 20 percent as mandatory withholding.

Your accountant or investment advisor will need to meet with you to ensure that you are both observing IRS rules regarding rollovers to a Roth IRA. Such as there has to be a “triggering event”, that is retirement, or being laid off, or qualifying under a hardship provision. For more complete information on these qualifying events, you may go to the IRS site at irs.gov/publications/p590/ch02.html.

Hear Ye! Hear Ye! This has been a public service announcement.