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taxmap/pubs/p590-014.htm#en_us_publink1000230955

Chapter 2
Roth IRAs(p56)

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What's New for 2009(p56)


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Modified AGI limits for Roth IRA contributions increased.(p56)

For 2009, your Roth IRA contribution limit is reduced (phased out) in the following situations. See Can You Contribute to a Roth IRA? in this chapter.
taxmap/pubs/p590-014.htm#en_us_publink1000230959

Waiver of required minimum distribution rules.(p56)

No minimum distribution is required from your Roth IRA for 2009. See Waiver of required minimum distribution rules for 2009 in this chapter.

What's New for 2010(p56)


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taxmap/pubs/p590-014.htm#en_us_publink1000230962

Modified AGI limit for Roth IRA contributions increased.(p56)

For 2010, your Roth IRA contribution limit is reduced (phased out) in the following situations. See Can You Contribute to a Roth IRA? in this chapter.
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Conversions to Roth IRAs.(p56)

Beginning in 2010, the modified AGI and filing status requirements for converting a traditional IRA to a Roth IRA are eliminated.
Also, for any 2010 rollover from an IRA other than a Roth IRA to a Roth IRA, any amounts that would be included as income will be included in income in equal amounts in 2011 and 2012. You can choose to include the entire amount in income in 2010.
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Catch-up contributions in certain employer bankruptcies.(p56)

The provision for additional catch-up contributions in certain employer bankruptcies does not apply for 2010 or later years.
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Qualified charitable distributions (QCDs).(p56)

The provision for tax-free distributions from IRAs for charitable purposes is scheduled to expire and will not be available for 2010.

Reminder(p56)


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Deemed IRAs.(p56)

For plan years beginning after 2002, a qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. An employee's account can be treated as a traditional IRA or a Roth IRA.
For this purpose, a "qualified employer plan" includes:

taxmap/pubs/p590-014.htm#TXMP1405ce9dIntroduction

Regardless of your age, you may be able to establish and make nondeductible contributions to an individual retirement plan called a Roth IRA.
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Contributions not reported.(p56)


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You do not report Roth IRA contributions on your return.
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What Is a Roth IRA?(p57)


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A Roth IRA is an individual retirement plan that, except as explained in this chapter, is subject to the rules that apply to a traditional IRA (defined later). It can be either an account or an annuity. Individual retirement accounts and annuities are described in chapter 1 under How Can a Traditional IRA Be Set Up.
To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is set up. A deemed IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA.
Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. But, if you satisfy the requirements, qualified distributions (discussed later) are tax free. Contributions can be made to your Roth IRA after you reach age 701/2 and you can leave amounts in your Roth IRA as long as you live.
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Traditional IRA.(p57)


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A traditional IRA is any IRA that is not a Roth IRA or SIMPLE IRA. Traditional IRAs are discussed in chapter 1.