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Conservatively Speaking

State Senator Mary Lazich (R-New Berlin) represents parts of four counties: Milwaukee, Waukesha, Racine, and Walworth. Her Senate District 28 includes New Berlin, Franklin, Greendale, Hales Corners, Muskego, Waterford, Big Bend, the town of Vernon and parts of Greenfield, East Troy, and Mukwonago. Senator Lazich has been in the Legislature for more than a decade. She considers herself a tireless crusader for lower taxes, reduced spending and smaller government.

Wisconsin closer to allowing Roth IRA conversions

Economy, Legislation, Taxes

Last month I wrote that the Legislature needed to act immediately to approve tax changes that would comply with a new federal rule allowing conversion of assets from a traditional IRA to a Roth IRA. 

Under the new federal rule, people earning more than $100,000 may convert their assets from a traditional IRA to a Roth IRA. Previously, only people earning less than $100,000 could make the switch without penalties. Roth withdrawals are tax-free.

Wisconsin residents have been unable to take advantage of the Roth conversions because the Legislature failed to pass legislation to comply with the new federal rule.

Today, the Legislature’s Joint Finance Committee approved the necessary changes and the state Senate voted unanimously in favor. The state Assembly must also approve the changes before the legislation is sent to Governor Doyle for his review.

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