Scott Gottlieb, CPA


105 Maxess Road, Suite N116
Melville, New York 11747

Office: 631-574-4484 or 631-253-CPA2
scott@gottliebcpa.com

 
 
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Balance Budget Act 1997

 

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NEWS BYTES
December 2008


Rollovers From Other Retirement Plans to Roth IRAs



Prior to 2008, you could only rollover (convert) amounts from either a traditional, SEP, or SIMPLE IRA into a Roth IRA. After 2007, you can rollover amounts from the following plans into a Roth IRA.

A qualified pension, profit-sharing or stock bonus plan (including a 401(k) plan),
An annuity plan,
A tax-sheltered annuity plan (section 403(b) plan),
A deferred compensation plan of a state or local government (section 457 plan), or
An IRA.
Any amount rolled over is subject to the same rules for converting a traditional IRA into a Roth IRA. See Converting From Any Traditional IRA Into a Roth IRA in chapter 1 of Publication 590. Also, the rollover contribution must meet the rollover requirements that apply to the specific type of retirement plan.

--08-APR-2008






 

 

 

 

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The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant