Levine, Jacobs & Company, LLC, Member Interviewed On Statewide Radio

Roth IRAs - Funding Methods May Be A' Changing. End Quote

(1888PressRelease) August 19, 2015 - Livingston, NJ - Richard M. Hoffman, CPA/CGMA, Member, Levine, Jacobs & Company, L.L.C., was recently interviewed on Jersey Central, the morning drive program which airs on WCTC-AM radio. The topic was Roth IRA and some upcoming changes anyone who uses these funds should be aware of.

President Obama's 2016 budget proposal provides that future Roth conversions be limited to pre-tax money only. Thus, after-tax, nondeductible amounts (those attributable to basis) held in a traditional IRA could not be converted to Roth amounts. A similar rule would apply to amounts held in eligible retirement plans. This proposal would effectively kill most back-door Roths.

It is unclear as to whether this proposal will pass, or when the effective date will be, so if a taxpayer is contemplating this funding method, it should be done as soon as possible.

According to Richard Hoffman, "For taxpayer's who would like to contribute to a Roth IRA, but are not permitted to do so because of their income limitation, a "back door' contribution is still available. Since there are no income limitations on funding a "nondeductible IRA", taxpayers can make a maximum contribution to a nondeductible account and then elect to convert the account to a "Roth IRA."

The entire interview can be heard here; https://youtu.be/B-BdZbYIyOI

Hoffman is the Director of the firm's audit department and in charge of the peer-review and quality-standards programs for which the company has consistently received superior ratings. His client base includes medical and legal professionals, real estate development and management, retail/wholesale distribution and manufacturing. His expertise also extends to matrimonial, litigation support and forensic engagements. Hoffman has served as an expert witness relating to arbitration/mediation proceedings and plaintiff litigation.

A prolific writer, he has authored and/or been quoted in numerous publications and has been a guest on statewide radio.

Levine, Jacobs provides a unique combination of twenty-first century accounting, business consulting and financial planning services to a diverse list of individuals located primarily in New Jersey, New York and Pennsylvania.

Levine, Jacobs & Company, L.L.C. prides itself on its teamwork abilities where "every account receives the talent and expertise of the whole firm."

Levine, Jacobs & Company, LLC, maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants.

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