New Rules for Roth IRA Conversions

Beginning in 2010, most investors will be eligible to convert their traditional IRAs to Roth IRAs, regardless of how much money they make. There is also a special rule in place for 2010 only that will allow you to recognize all of the conversion income in 2010 or split it equally between the next two…

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‘Banking Convenience Account for Depositors Act’ Goes Into Effect January 1, 2010

Public Act 96-0123, the Banking Convenience Account for Depositors Act, goes into effect January 1, 2010 to allow a customer to open an account known as a “convenience” account, with the “primary account owner” being designated as the “depositor,” and the secondary owner being designated as the “convenience depositor.” Both parties may deposit funds into…

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Young Adult Dependent Coverage Law

On June 1, 2009, Illinois’ new Young Adult Dependent Coverage Law (215 ILCS 356z.12) gives parents with health and/or dental insurance policies that cover dependents the right to add or continue coverage for unmarried dependents under age 26 (or 30 for some U.S. military veterans) regardless of student status. This is in addition to an…

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