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Legislative language on the Roth IRA Technical Corrections came out late last week. There are no surprises; the language confirms what was earlier released from the Senate Finance Committee. Among the main points: there will no longer be any reason whatever to keep a conversion Roth IRA separate from a non-rollover Roth IRA, and the four-year spread on 1998 rollovers will be elective, not mandatory.

This bill still isn't the law and changes are still possible. But the only changes being talked about now are in the area of IRS Restructuring. I understand that House staffers have signed off on the technical corrections part of the Senate bill, meaning they won't try to reinstate the House version of the Roth IRA technical corrections. The biggest danger to these technical corrections is the tiny possibility that the entire bill will go down in flames over some of the IRS restructuring provisions. But it would be very surprising if the House and Senate failed to iron out those differences. And although some concerns have been expressed by the Treasury, as far as I know there's no veto bait in the bill.

More details on the changes are at:

http://www.fairmark.com/rothira/tech.htm

KAT in Chicagoland
http://www.fairmark.com
Tax Guide for Investors
Includes the latest information on
Roth IRA technical corrections
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