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Financial Planning > Tax Planning

Help For Roth IRA Conversions

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A large mutual fund company is providing financial advisors with tools and materials to use in assisting clients with Roth individual retirement account conversions.

John Hancock Funds, Boston, says the resources include research papers, brochures, videos, webinar, client seminar, an interactive Roth conversion calculator, and access to advanced law and tax planning experts in Hancock’s special markets group.

The goal is to help advisors understand the Roth IRA conversion opportunity and how it can help eligible clients achieve financial and retirement planning objectives, says Foran Hoch, vice president and head of marketing for John Hancock Funds.

John Hancock Funds is a unit of John Hancock Financial, Boston, a subsidiary of Manulife Financial Corp., Toronto.

Under the Tax Increase Prevention and Reconciliation Act of 2005, Hancock points out, U.S. taxpayers with an adjusted gross income greater than $100,000 will, starting Jan. 1, 2010, become eligible to convert traditional IRAs and qualified retirement accounts such as 401(k)s to a Roth IRA. Clients who convert must pay taxes on the converted amount, but the assets in the Roth IRA will grow and eventually be distributed tax-free.

The conversion resources are available here at Hancock’s dedicated IRA Center.