Many doctors converted their entire regular IRA balance (taxable and nontaxable portions) into Roth IRAs in 2010. Many have been shocked at the resulting taxes due on their 2010 tax return, and want to “take a mulligan” to avoid the drastic tax hit, says Brad Kucharo, CFP®, CPA, a tax and business planning specialist with John K. McGill & Company, Inc.
For many of these doctors, their 2010 tax returns indicate they have no income from the conversion in that year. Although this sounds great, it’s misleading since...
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