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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: kollmhn who wrote (150635)	5/5/2011 10:28:33 AM
From: maverick61	Read Replies (1) of 206323

No, my facts are correct You say "Roth conversions have been restricted to those making less than $100,000 per year (and the conversion amount was included in that limit). I think you've got your facts wrong. When they were created there was nothing to convert....ergo no new revenue" Your statement is wrong. First, just because there was an income limit re: conversions, that has nothing to do with whether there was anything to convert. Yes, a high income earner could not convert but what about someone who accumulated a lot of $ in an IRA and retired early. They could easily be under the income limit and convert. Second, IRA's have been around since 1974. Plus many individuals could have rolled over pension plan distributions into an IRA. There certainly WAS something to convert. The tax grab started when ROTH IRAs were first introduced. Hey - if you believe it works for you, by all means go for it. Everyone's situation is different. For some it may be a good move, for others it may not. But it is not as cut and dry as you are arguing. There is indeed a risk that the tax status changes in the future. In fact, I would bet it does. Bottom line - there are pro's and con's to such a conversion.

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