As we almost all know, starting in 2010 the $100,000 MAGI limit on converting traditional IRA into Roth IRA will be removed for federal tax returns. We also know that taxpayers may elect to include the income if any from the conversion equally during the following two years, 2011 and 2012, on federal returns.
What about conformity by the various states? Can the conversion be performed by those who don't meet the previous income limit? Will those who convert have to recognize all the income to the state during the year of conversion?
I can almost predict that the state of California wants all the revenue that it can get during 2010, so you know what I suspect the answer will be in California...
What about conformity by the various states? Can the conversion be performed by those who don't meet the previous income limit? Will those who convert have to recognize all the income to the state during the year of conversion?
I can almost predict that the state of California wants all the revenue that it can get during 2010, so you know what I suspect the answer will be in California...
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