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Reply to "Bill proposed to crack down on backdoor roth (and other loopholes) "
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[quote=Anonymous][quote=Anonymous]Slightly off topic but if Roth conversions are prohibited and I make too much for a deductible IRA contribution is there any advantage to contributing to an IRA vs. saving in a taxable account? IRA gains would be taxed as ordinary income vs. capital gains in taxable account. Also, under the Secure Act the IRA would need to be distributed in ten years after death vs. no mandatory distributions from the taxable account. Also (for now), step up in basis on taxable account vs. none for IRA. The only advantage I can think of is potentially enhanced bankruptcy protections for the IRA but I don't foresee that being an issue so not much value there for me. [/quote] IRA amounts are not considered for purposes of student financial aid.[/quote]
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