Posted Tuesday, December 7, 2010
Tax returns aren't due until mid-April, but for some taxpayers the time to start thinking about taxes is now. A little planning now, before the calendar flips to 2011, can make tax time easier. We're putting on the green eyeshade and looking over the tax rules Tuesday morning. Will Congress extend the current tax rates, or will they go up again? What other changes are likely? Oh, and if you've never heard of the Alternative Minimum Tax, you'll find out the hard way unless Congress acts this year. Join us with your tax questions.
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We are a two income family with an AGI above contribution limits to Roth. We are savers and we are very frugal. We have paid off on our home mortgage and we have no other debt. We have one child ready to go to college. We are thinking of converting our regular IRA and Rollover IRA to Roth at least in stages to minimize our tax bill. But we are worried if this will affect our FAFSA or does it not matter since our daughter would not qualify for financial aid?
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