Reply to Bill proposed to crack down on backdoor roth (and other loopholes)

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most of these apply to those with HHi over $400k. So if you make less you can still do it. [/quote]

Yes, MOST do, but the backdoor roth is all incomes.  Because it is basically a loophole  they are closing. You have to make above the roth limit (~$200k for marrieds?) to even be considering this.

From the summary:  "Furthermore, this section prohibits all employee after-tax contributions in qualified plans and [b]prohibits after-tax IRA contributions from being converted to Roth regardless of income level,[/b] effective for distributions, transfers, and contributions made after December 31, 2021."

It is a bummer for me personally - but good fiscal policy.  I can't really argue that i deserve such a loop hole.  Spouse and I both have access to megabackdoor roths, so we can save a crap ton of money that can grow tax free.  I guess we'll switch to taxable accounts if this passes.[/quote]

Sorry to break it to you, but the megabackdoor Roth is on the chopping block too[/quote]

Sorry to break it to you, it isn't anymore. [/quote]

Was there an update?  What about the regular backdoor Roth?[/quote]

All backdoor roths are out of the bill. Actually all retirement cuts/changes to generate tax money is out of the bill. [/quote]

Good to know.  They should focus on plugging existing loopholes, tightening estate tax laws and taxing corporations the same way they tax individuals - progressive tax and tax on worldwide income.[/quote]

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