TIPRATax Increase Prevention and Reconciliation Act of 2005 (Federal Tax Legislation)
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As noted above, Congress added a provision in TIPRA allowing for traditional-to-Roth IRA conversions starting in 2010 so that the legislation would appear to be deficit-neutral beyond the budget window, even though the provision almost certainly increases the deficit in the long run.
(156) See Burman, supra note 153, at 953-55 (examining the TIPRA Tax Act of 2005, which eliminated income restrictions on taxpayers who wanted to convert pre-tax retirement funds to Roth IRAs).
[section]911(f), as added by TIPRA [section]515(c).
(179) Finally, as a result of the TIPRA changes, the IRS now has twenty-four months to consider an offer and after that time the offer will be deemed accepted.
For instance, just one federal agency, the Department of Defense, estimated that it would cost over $17 billion in the first five year's to comply, and the original revenue estimate from TIPRA projected that only S6.977 billion would be collected over a 10 year window.
TIPRA's expansion of the conversion opportunity is a welcome change.
With the passing of TIPRA, beginning in 2010, an individual may convert a traditional IRA to a Roth IRA regardless of income and filing status.
However, under the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) these previously ineligible taxpayers will be eligible to participate starting this year (including married but separate fliers).
But there's another Bush era tax law that may and perhaps should affect many of your clients next year: the Roth IRA conversion opportunity that flows out of the 2005 Tax Increase Protection and Reconciliation Act, or TIPRA. Under one provision of that law, starting in 2010 and continuing thereafter, the prior $100,000 income level for converting a traditional tax-deferred IRA to a Roth IRA goes away.
The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) makes Roth IRA conversions available to all taxpayers, regardless of income.
The technical correction was necessary for years 2008 and 2009 but not for 2010, when the limitation is eliminated under the Tax Increase Prevention and Reconciliation Act of 2005 ("TIPRA"), aka PL 109-222 (May 17, 2006).