Deals & People February 20, 2013

Jeffrey Slocum Hires Risk Management Director

Robert E. Lee has been named director of risk management and strategic analysis at Jeffrey Slocum & Associates Inc.
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Lee brings more than two decades of experience in economic analysis, portfolio and risk management, and trading, including experience developing and evaluating asset-risk models.

Lee was most recently a partner and co-founder of Interlachen Capital Group, a global multi-strategy alternative asset manager, where he oversaw the management and portfolio risk assessment of the firm’s bond relative value strategy. Before co-founding Interlachen, Lee was a senior trader at EBF & Associates, Inc., a multi-strategy alternative asset manager, where he was part of a team responsible for managing a global market-neutral fixed income portfolio.

At EBF, Lee actively participated in strategy development, portfolio risk assessment and control, and trade execution. Prior to EBF, Lee held positions with Key Bank in Cleveland Ohio and NationsBank in New York as a derivatives trader.

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Lee began his career as an economic consultant for Coopers & Lybrand, and senior economist at Deloitte & Touche.

Lee holds a bachelor’s degree from the University of St. Thomas in St. Paul, Minnesota, and a master’s degree and Ph.D. in economics from Purdue University in West Lafayette, Indiana.

Slocum is an independent institutional investment consultant in Minneapolis.

Compliance February 20, 2013

2010 Roth Conversions Must Be Reported in 2012

Many taxpayers will have to report some taxable income from amounts converted to a Roth IRA in 2010.

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The Internal Revenue Service (IRS) reminded taxpayers who converted amounts to a Roth IRA or a designated Roth account in 2010 that in most cases, they must report half of the resulting taxable income on their 2012 returns.

Normally, Roth conversions are taxable in the year the conversion occurs. For example, the taxable amount from a 2012 conversion must be included in full on a 2012 return. But under a special rule that applied only to 2010 conversions, taxpayers generally include half the taxable amount in their income for 2011 and half for 2012, unless they chose to include all of it in income on their 2010 return.  

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Roth conversions in 2010 from traditional IRAs are shown on 2012 Form 1040, Line 15b, or Form 1040A, Line 11b. Conversions from workplace retirement plans, including in-plan rollovers to designated Roth accounts, are reported on Form 1040, Line 16b, or Form 1040A, Line 12b.  

Taxpayers who also received Roth distributions in either 2010 or 2011 may be able to report a smaller taxable amount for 2012. For details, see the discussion under 2012 Reporting of 2010 Roth Rollovers and Conversions on IRS.gov. In addition, worksheets and examples can be found in Publication 590 for Roth IRA conversions and Publication 575 for conversions to designated Roth accounts.  

Taxpayers who made Roth conversions in 2012 or are planning to do so in 2013 or later years must file Form 8606 to report the conversion.  

As in 2010 and 2011, income limits no longer apply to Roth IRA conversions.

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