This year, anyone regardless of income can convert a traditional IRA or 401(k) from an old employer into a Roth IRA. There are lots of things to consider before doing so. But NDH Group, a Chicago accounting firm, created an application for an iPhone to help you decide whether a conversion is for you.
You can buy the RothCalc2010 app for 99 cents at the iPhone's APP Store or iTunes. Sure, 99 cents isn't much. But a buck is a buck.
Instead, you might want to check out Fidelity Investments online calculator. It's free. Plus, you can plug in what state you live in, and Fidelity will make the tax calculations based on federal and state tax rates. That feature is a big plus for Marylanders and anyone else who lives in a state with high tax rates.
The calculator, which I mention in Sunday's column about Roth conversions, is easy to use and understand. Financial geeks, and I guess I'm one of them, can spend quite a lot of time playing with different scenarios using the calculator.