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Article: Roth IRA complicated, not for everyone.(Family Times)(Money & Work)(Family And Money)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- August 11, 1998
- Author:
CopyrightCOPYRIGHT 1998 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Now that the year is more than half over, it's a good time to consider whether converting an individual retirement account to a Roth IRA is a good idea.
The Roth IRA, which allows contributions to accumulate tax-free forever, rolled out in January to a roar of excitement from taxpayers eager to welcome a new tax shelter. But a closer look at the Roth reveals some scratches and dents.
"I think the Roth got a lot more fanfare than it really merited," says Martin Nissenbaum, a tax partner with Ernst & Young in New York. The initial rush to open new accounts and transfer existing IRAs has slowed as people begin considering the complex rules associated ...