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Heard on the Web: Finding Deductions to Offset Roth Conversion Income
Summary
In this article from the October 05, 2010 issue of Financial Advisor, planner Joe O. Luby III is interviewed regarding his advice that philanthropically inclined clients create grantor charitable lead trusts in the same year in which they convert a traditional IRA into a Roth IRA to accelerate income tax charitable deductions to offset taxable income from the conversion.
If wealthy clients lack your enthusiasm for Roth conversions, planner
Joe O. Luby III has some ideas that can help. It’s not that they don’t
understand the benefits of converting money in a traditional individual
retirement account or 401(k) to a Roth. They get it. But they also know
converted funds are taxed as ordinary income, and they are loathe to
write that check. [more]
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