Trusts and Estates > Retirement > Roth IRAs and You

Sep 1, 2007 12:00 PM

Roth IRAs and You

By Marcia Chadwick Holt, attorney, Davis Graham & Stubbs LLP, Denver

You, too, can have a Roth individual retirement account (IRA). How? And why would you want to?

The final regulations under Internal Revenue Code Section 402A confirm that you may establish a Roth IRA by rolling over a Roth account that's in a 401(k) plan (a “Roth 401K account”) into a Roth IRA—regardless of the usual, modified adjusted gross income (MAGI) limitations that apply to establishing a Roth IRA. Your MAGI, for Roth IRA purposes, is your adjusted gross income (AGI) as shown on your income tax return with certain modifications.1 But while, regardless of MAGI limitations, you could establish a Roth IRA in such a manner in 2006 and still can in 2007 and again after 2009, there is a problem in the years 2008 and 2009.

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