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Reader comment on: Roth IRA Conversions

Submitted by Joel (United States), Dec 23, 2010 19:07

I think you are missing some information. The wealthy typically don't have the option to invest in a Roth IRA ever because they make too much money. In 2010 the income cap on conversions is eliminated ($100,000) which gives high income earners the ability to convert. And, since they are already wealthy and may never need the money they can grow that money tax free and pass it onto their kids income tax free. That same investor with a Traditional IRA is only making their tax situation worse with every single day that passes because the income tax bill grows as that account grows. Plus, if they have a traditional IRA that they don't need then they are forced to take Required Minimum Distributions at 70.5 and pay income tax on money they don't need.

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