IRA Rollover

If you’ve been waiting for a while to convert a traditional IRA to a Roth IRA, now may be the time to do so. A new law came into effect that allows the taxpayer to choose to report all of the income in 2010, or divide the income evenly and report it in 2011 and 2012. This means you can spread the tax liability over two years! Additionally, income limits that previously prevented some traditional IRA owners from making the conversion have now been lifted. So now, more people can benefit from a Roth IRA, whether they are seeking to: • amass retirement income • minimize taxes in retirement • or pass wealth on to heirs with minimal tax obligations. Roth IRAs may not offer a current tax deduction, but they grow tax-free, and distributions are generally tax-free, too. Are you ready to convert to a Roth IRA? Let Heritage Bank help. To learn more, visit heritagebankaz.com. Or, call our Phoenix branch at 602-840-3400 or Tempe branch at 480-894-2900