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For many taxpayers, investing in a Roth IRA may provide significantly more after-tax income in retirement than from either a deductible or non-deductible Traditional IRA. As a result, some investors choose to convert money from their Traditional IRAs to Roth IRAs.
Historically, Roth IRA conversions were out of reach for investors with higher incomes. As of January 1, 2010, that changed - learn more:
Note to Hawaii tax payers: Residents of Hawaii who convert to a Roth IRA in 2010 must report the income in 2010 for state tax purposes. The taxes may not be spread across tax years 2011 and 2012. Visit http://hawaii.gov/tax/ or talk to your tax advisor for more information.
1State and local taxes may apply.
2Estate tax may apply.
3Modified Adjusted Gross Income (MAGI) is your Adjusted Gross Income (AGI) with standard deductions included.
IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.