Saturday, July 7, 2012

Have You Received an IRS Notice About Your Roth?

It came to our attention that the IRS is sending erroneous notices on 2010 Roth conversions. If this is you, you may remember that you were allowed to spread the tax cost of converting your regular IRA to a Roth IRA over two years.  The notice states that you owe tax for 2010, which you would had you not spread the tax over two years.
You do need to respond to the notice. The IRS is aware of the software glitch, however, so we expect these notices to be resolved expeditiously.

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