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The elimination of backdoor Roth IRA conversions has made it back into the latest version of House Democrats’ tax and spending bill.
As we’ve seen from recent tax proposals, Congress has retirement accounts in its sights for future tax increases, especially the larger IRAs. We know what the tax rules and tax rates are for 2021, but advisers can also help clients make some defensive moves now, just in case any of these IRA tax proposals resurface in future years.
The November 3 version of the Build Back Better Act has resurrected retirement law changes that will curb high balance accounts and popular wealth building strategies including back
My wife and I are about 10 years from retirement. We want to begin converting money in our individual retirement accounts to a Roth IRA, but the tax bite looks like a problem. We’re already in a higher tax bracket than we like. Any advice? When, or how, should we start converting?
Willie Delwiche, investment strategist for All Star Charts, says that the messy, sloppy range-bound market that we've seen since February is going to continue sideways for a while but ultimately will resolve itself to the upside, confirming a consolidation that is healthy for the long term.
House Democrats proposed a rule to forbid Roth conversions for the wealthy as part of a broad package of tax increases on affluent Americans.
But there’s an irony in the proposal, according to tax experts.
Employers are increasingly offering a valuable retirement-saving tool to workers. In addition to traditional 401(k) plans, about 8 in 10 workplaces now let workers invest in a Roth 401(k), up from just 37% that offered the option in 2010, according to a recent survey from investing research firm Callan.
