Baird: All Wisconsin taxpayers now eligible to convert Roth IRA

MILWAUKEE – Governor Jim Doyle today signed into law a bill that brings the state treatment of Roth IRA conversions into line with Federal treatment. This same bill was passed by the state Assembly and Senate last month. Tim Steffen, CFP®, Financial & Estate Planning Manager for Baird’s Private Wealth Management Group, provided the following statement:

“We are pleased that Wisconsin law now conforms with federal law on this issue. Prior to enactment, Wisconsin was the only state in the country with restrictions on Roth conversions. Now, state taxpayers at all income levels can consider a Roth IRA conversion without the fear of being assessed various tax penalties.

“Deciding whether or not to convert an IRA to a Roth IRA is a complicated decision that involves a variety of factors. Conversion may make sense for some but not others. Most importantly, with the enactment of this law, all Wisconsin taxpayers will have the opportunity to make that decision for themselves and their family.

“Individuals looking to do a conversion should contact a financial advisor to evaluate the merits given their particular situation.”

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About Private Wealth Management

Using a consultative approach, Baird’s more than 600 Financial Advisors deliver comprehensive wealth management solutions to clients nationwide. They have the resources to oversee the complete financial picture for high-net-worth families and individuals with complex financial needs. Baird Financial Advisors managed and oversaw $55 billion in client assets as of Dec. 31, 2009.

Leveraging a network of specialists, Baird Financial Advisors also work closely with business owners and corporate clients to address the specific needs of corporate executives, benefit coordinators and those in need of business transition planning.

About Baird

Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has more than 2,400 associates serving the needs of individual, corporate, institutional and municipal clients. Baird oversees and manages client assets of more than $75 billion. Committed to being a great place to work, Baird ranked 11th on FORTUNE’s “100 Best Companies to Work For” in 2010 – its seventh consecutive year on the list. Baird’s principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has operating subsidiaries in Asia supporting Baird’s private equity and investment banking operations. For more information, visit Baird’s Web site at http://www.rwbaird.com.