Prior to the year 2010, all the United States citizens who earned an AGI (average gross income) more than an annual income of $100,000 were deemed ineligible to convert their traditionally held IRA assets to that of a Roth-IRA. However, after our former president Mr. George W. Bush approved the law of TIPRA (abbreviation used for the Tax Increase Prevention and Reconciliation Act) way back in 2006, anyone who has a traditional IRA account can now do a Roth-IRA rollover in 2010. This is irrespective of whether he or she earns an AGI that is greater than $100,000 annually.
Delay in tax payments:
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