IRA Conversion May Affect Financial Aid Award (Star-Ledger Wire Services)
15 March 2010
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“Even though IRA balances aren’t counted as assets in the federal financial-aid formula, converting a traditional IRA to a Roth could affect your financial-aid award because the money you convert will increase your taxable income for the year,” Star-Ledger Wire Services reports. “If you decide to make the conversion anyway, contact the financial-aid administrators at the colleges to which your child is applying and explain that your income looks unusually high because you converted a traditional IRA to a Roth.”
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