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The Roth IRA was created in 1997 to serve as a retirement savings alternative to the traditional IRA. While contributions to a Roth IRA are made with after‐tax dollars, qualified distributions from the account are free of income tax. Since inception, contributions to Roth IRA’s have been subject to a Modified Adjusted Gross Income (MAGI) limitation. This limitation precluded many wealthy taxpayers from enjoying the benefits of the Roth IRA. Additionally, the conversion of a traditional IRA or other qualified retirement plan to a Roth IRA account has been prohibited for taxpayers with MAGI above $100,000. However, effective January 1, 2010, a new door of opportunity has been opened for all taxpayers interested in taking advantage of the Roth IRA. While the MAGI limitation for contributions to a Roth IRA remains in effect, the $100,000 MAGI limitation for conversions has been repealed. Converting to a Roth IRA will not make sense for everyone, but this new legislation creates an opportunity that should be explored because of the potential retirement, income tax, and estate planning benefits that it creates.

Atlanta CPA firm Bennett Thrasher is pleased to announce Carolyn W. Arnold has recently rejoined the firm as a manager with the Personal Financial Services team.

"We are excited to welcome Carolyn back to Bennett Thrasher," said Managing Shareholder Michael Y. Dukes.  "As a firm alumnus, we have no doubt her experience and commitment to client service will further enhance our practice."

Arnold will serve as a tax manager with the firm's Personal Financial Services team.  She has more than 15 years of experience in fiduciary and individual planning and taxation.  Prior to rejoining Bennett Thrasher, Arnold was employed by a large national CPA firm in Richmond, Virginia where she served clients in the areas of trust, estate, gift and individual taxation and planning.

Arnold is a graduate of the University of North Carolina - Chapel Hill where she earned a Bachelor of Science degree in Business Administration.  She also completed graduate accounting classes at Georgia State University.  Arnold began her career at Peat Marwick and spent four years with Bennett Thrasher before moving to Virginia.