Heard on the Web: Finding Deductions to Offset Roth Conversion Income

Heard on the Web: Finding Deductions to Offset Roth Conversion Income

News story posted in Charitable Lead Trust on 6 October 2010| comments
audience: National Publication | last updated: 18 May 2011


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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