Tax Prevention and Reconciliation Act (TIPRA) allows unrestricted tax brackets and age groups for conversion from traditional IRA to Roth IRAFor many people, a Roth IRA is about to become a huge deal. In 2005, the Tax Increase Prevention and Reconciliation Act (TIPRA) was passed. Under the act, all taxpayers in every tax bracket and age will have the opportunity to convert their current traditional IRAs into a Roth IRA. This can be done regardless of income. Many firms are now training advisors on the ins and outs of the conversion process. These advisors will soon be contacting anyone with a traditional IRA, trying to persuade them to convert that Traditional IRA to a Roth IRA.Job Market has a Bumpy Road AheadThe road to job recovery is still a bumpy ride. In June 2009, the job market was at a 15-month low and U. fiat currency S. employers were still announcing job cuts. This is the perfect time to start planning for the years ahead. These newly trained advisors can find strategies that will address today’s market conditions. TIPRA is a great reason to re-engage with clients who earn a high income. This will challenge the traditional rules of retirement and many people will soon be taking advantage of the ability to convert to a Roth IRA.Frequently Asked Questions on Roth IRA & retirement planning1. When do you report the income? Roth IRA 2010, Roth IRA 2011, Roth IRA 2012Before 2010, the entire amount that was converted would be reported on that year’s tax return. Under TIPRA, any conversion that is done in 2010 does not have to be reported on the 2010 return. You will be able to report that income on your 2011 and 2012 returns.