Buried at the bottom of the Taxpayer Relief Act is a provision that allows more workers to convert their retirement savings into a Roth 401(k).
That is an appealing option to consumers who want some of their retirement savings to grow tax-free forever. And for the government, it is a revenue-raiser.
“It was thrown in to help pay for a lot of other things in the law,” says Ed Slott, an IRA expert and certified public accountant whose website is www.irahelp.com. “It’s like the golden goose.” And it is expected to generate $12.1 billion in tax revenue over the next 10 years.
Read the full article at USA Today.