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Last Chance for Roth Conversions!!!

Quick Note from Sunwest Trust on ROTH IRA ConversionsRemember Roth Conversion Deadline

Roth conversions from traditional IRA’s

I hope everyone had a safe and fun Christmas holiday. I’m sure this is a very busy week for everyone, but I just wanted to make a quick reminder about Roth Conversions. As I’m sure most of you know, the IRS has dropped the income limitations for now, if you are converting your Traditional IRA to a Roth. You will also be given the option to split up the taxes and pay them over the next two years.

Don’t forget the December 31st deadline

If you are planning on doing a conversion from a Traditional to a Roth IRA, you must have it done before December 31st. To get this accomplished, you will need to go to the forms section of our Website and fill out the form called “Internal Conversion Form to Convert a Traditional IRA to a Roth IRA“. This form will need to be filled out and emailed or faxed to our office by December 31. If you do not get this form to our office by Friday, then you will not be eligible for a conversion this year and you will not be able to split up the taxes over the next two years.

Consult a professional, then take action!

We strongly urge you to consult with your CPA or tax professional, if you have any questions about converting your IRA to a Roth. It may not be right for your particular situation, but in many cases a Roth IRA can be a very valuable retirement tool. I have not heard anything about extending this opportunity to convert your IRA for highly compensated individuals. If these income limitations apply to you, then this may be a once in a lifetime opportunity to convert your Traditional IRA into a Roth IRA.

Terry White

About Terry White

I started my business career after getting my degree in Accounting from the University of New Mexico in 1983. My first job was as a controller for a local title company, and in 1987 I started First Financial Escrow, Inc. Over the years I played a part in several startup companies including First Financial Equities, Inc., First Financial Trust, Inc., First Financial Marketing, Inc. and Asset Ventures, Inc. In 1997 First Financial Escrow, Inc. was able to purchase the escrow accounts from Sunwest Bank and changed its name to Sunwest Escrow. As the market changes, Sunwest has grown and changed along with it. Besides my wife, Sheila, we have three boys, two daughters-in-law, one grandson, another grandson on the way and a future daughter-in-law. Sunwest is my passion, and I enjoy coming to work every day to see what will happen next. I enjoy fly fishing, spending time in Colorado, biking and watching my boys play soccer.