Excellent reporting by Propublica about Pakistani connection to attack on Mumbai on 26 Nov 2008.
Pakistan and the Mumbai Attacks: The Untold Story
by Sebastian Rotella ProPublica, Jan. 26, 2011, 9 a.m.
This story was published as part of Amazon’s Kindle Singles program, and is available for reading on that device .
On a November night two years ago, a young American rabbi and his pregnant wife finished dinner at their home in the mega-city of Mumbai.
Gavriel and Rivka Holtzberg had come to India on a religious mission. They had established India’s first outpost of Chabad Lubavitch, the Orthodox Jewish organization, in a six-story tower overlooking a shantytown. The Chabad House offered a synagogue, a cyber-café, two floors of guest rooms, India’s biggest Hebrew library and a dining room that could seat 50 for festive meals. The Holtzbergs’ guests that evening were two American rabbis, an Israeli grandmother and a Mexican tourist.
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Roth IRA is an excellent vehicle for sheltering money for retirement. There is no upfront tax break but, there are no taxes to pay when the money is taken out in retirement. Also, there are no required minimum distributions like traditional IRA and 401k accounts. Heirs who inherit Roth IRAs don’t have to pay any taxes either, so, this money can grow for a long long time.
But, there are restrictions on participation based on income. In a family with 2 workers it is easy to go over that limit and be shut out of this great investment opportunity. An indirect way into a Roth IRA is a conversion of traditional IRA account. Till 2009, these conversions were not allowed if your AGI is more than $100,000. But, this AGI limit was taken away in 2010 and anyone can convert their traditional IRA into Roth IRA. This rule change was part of a law that was passed back in 2006. Many people took advantage of this rule change. Money was put aside in a traditional non-tax-deductible IRA account from 2006 to 2010 and that account was converted into a Roth IRA last year.
Here is a quote from IRS publication 590 that deals with retirement accounts.
Conversions to Roth IRAs Beginning in 2010, the modified AGI and filing status requirements for converting a traditional IRA to a Roth IRA are eliminated. Also, for any 2010 rollover from an IRA other than a Roth IRA to a Roth IRA, any amounts that would be included as income will be included in income in equal amounts in 2011 and 2012. You can choose to include the entire amount in income in 2010.
This Roth IRA conversion rule change is still in effect for 2011 and the backdoor entry into Roth is still possible. People who are shut out of Roth IRA due to their income can fund a traditional non-deductible IRA account and convert into a Roth the very next day.
If one owns a mix of tax-deductible and non-deductible IRA accounts, the conversion is a little messy. Check out this article from Morningstar.
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