http://www.worldlawdirect.com/forum/ Personal and business taxes. Federal, state and local income taxes, sales taxes, etc. en Sat, 21 Nov 2009 04:16:06 GMT vBulletin 60 http://www.worldlawdirect.com/forum/images/vbseo_skin_2.0/misc/rss.jpg http://www.worldlawdirect.com/forum/ http://www.worldlawdirect.com/forum/tax-issues/31678-wisconsin-law-does-not-follow-2010-roth-ira-conversion-rules.html Tue, 17 Nov 2009 20:22:17 GMT According to current federal guidelines, Roth IRA conversions are only available to taxpayers with adjusted gross incomes of less than $100,000. That... According to current federal guidelines, Roth IRA conversions are only available to taxpayers with adjusted gross incomes of less than $100,000. That limit is being repealed in January, for most Americans, but Wisconsin residents will miss out on the opportunity for now, according to Tim Steffen, CFP and CFA at Robert W. Baird & Co.

Wisconsin residents who have already done a Roth conversion and exceed the income requirements could face several penalties, Steffen said. They include:

• A 3.3 percent early distribution penalty for the amount converted for taxpayers younger than 59.5 years old.
• Any amount that is rolled into a Roth IRA may be treated as a contribution and subjected to a $5,000 annual maximum. If the amount exceeds that limit, it may be subject to a 2 percent penalty.
• For 2010 conversions, the amount withdrawn from a traditional IRA will be taxable in Wisconsin for the year, even though federal law allows income to be spread over 2011 and 2012.

More...

http://www.biztimes.com/money/2009/11/17/



Tim Steffen, CFP and CFA at Robert W. Baird & Co.


About Baird

Robert W. Baird & Co. is the principal U.S. operating subsidiary of Baird, an international employee-owned financial services firm, and one of the FORTUNE 100 Best Companies to Work For.
With approximately 2,400 employees, Baird is one of the largest privately held, full-service investment firms in the United States. Baird manages and oversees $62 billion in assets.*
Baird’s principal operating subsidiary outside the U.S. is Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting its private equity operations.
(*All assets are as of December 31, 2008)

Contact Baird

Corporate Headquarters Information

Robert W. Baird & Co. Incorporated

Mailing Address: P.O. Box 0672
Milwaukee, WI 53201-0672

Location: 777 East Wisconsin Avenue
Milwaukee, WI 53202 Telephone: 800-RWBAIRD (800-792-2473)

Business Hours:Monday-Friday, 8:00 a.m.-5:00 p.m. (CT) ]]> Tax Issues forum_admin http://www.worldlawdirect.com/forum/tax-issues/31678-wisconsin-law-does-not-follow-2010-roth-ira-conversion-rules.html http://www.worldlawdirect.com/forum/tax-issues/31660-wealthy-americans-worried-about-u-s-government-crackdown-offshore-tax-cheats.html Tue, 17 Nov 2009 18:50:20 GMT Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the... Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the top U.S. tax official said on Tuesday.

Participation in the Internal Revenue Service's amnesty program was "unprecedented" and the final number was nearly double the agency's estimate in October, U.S. Internal Revenue Service Commissioner Douglas Shulman told reporters in a telephone briefing.

The IRS amnesty program, which ended in October, offered reduced penalties for wealthy Americans who voluntarily disclosed previously undeclared foreign bank accounts and assets. "We were flooded with people coming in the final days of the program," Shulman said.

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U.S. offshore tax amnesty yields big response: IRS



FILE - In this Feb. 20, 2009 file photo, the UBS logo is seen at the the Swiss Bank's headquarters building in Zurich, Switzerland. Swiss officials said Tuesday, Nov. 17, 2009, U.S. residents who hid more than 1 million Swiss francs in undeclared bank accounts with UBS between 2001 and 2008 could have their details turned over to the U.S. government. (AP Photo/Keystone/Walter Bieri, File) ]]> Tax Issues forum_admin http://www.worldlawdirect.com/forum/tax-issues/31660-wealthy-americans-worried-about-u-s-government-crackdown-offshore-tax-cheats.html