$3.5 Trillion doesn’t just grow on trees!
09-14-2021, 07:43 AM
#11
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Joined APC: Jun 2019
Posts: 470
We’ll see what happens. Obama tried to go after 529’s tax status and was humbled at the smack down that received.
09-14-2021, 07:52 AM
#12
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Joined APC: Jul 2014
Posts: 783
If your wife/husband has a job you are hitting those income limits pretty easily. They get people on board with ideas like this with "dont worry we are paying for it with those peoples money" and then they keep spending and soon the definition of "those" people quickly includes everyone to pay their share. Killing the after tax to roth conversion in 401ks will severely impact anyone who wanted to retire before 59.5 yrs of age.
09-14-2021, 07:53 AM
#13
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Joined APC: Dec 2018
Posts: 997
Originally Posted by ThumbsUp
… and it actually affects the younger crowd the most since they have the largest amount to contribute to the PRAP after-tax.
”Furthermore, this section prohibits all employee after-tax contributions in qualified plans and prohibits after-tax IRA contributions from being converted to Roth regardless of income level, effective for distributions, transfers, and contributions made after December 31, 2021.”
”Furthermore, this section prohibits all employee after-tax contributions in qualified plans and prohibits after-tax IRA contributions from being converted to Roth regardless of income level, effective for distributions, transfers, and contributions made after December 31, 2021.”
09-14-2021, 08:01 AM
#14
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Joined APC: Aug 2021
Posts: 100
Originally Posted by TOGALOCK
Was this quote removed in the article update? I don’t see anything in there about the proposed change affecting Roth contributions. Just the conversions.
https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/SubtitleISxS.pdf
I have no idea about any of this stuff. I take the company max and I take the max I can per year into the Roth 401k.
09-14-2021, 12:36 PM
#16
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Joined APC: Mar 2018
Posts: 2,349
Originally Posted by ERAUAV8TR
Tax the rich!!!!!
09-14-2021, 12:44 PM
#17
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Joined APC: Oct 2018
Posts: 511
Originally Posted by ThumbsUp
Yeah! Screw those new hires!
New hires?
you sound greedy must have voted no
09-14-2021, 12:46 PM
#18
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Joined APC: Mar 2018
Posts: 2,349
Originally Posted by ERAUAV8TR
Rich in bill is top 1 percent and those that make 450,000 dollars or more.
New hires?
you sound greedy must have voted no
New hires?
you sound greedy must have voted no
09-14-2021, 03:54 PM
#19
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Thread Starter
Joined APC: Jul 2018
Posts: 444
Originally Posted by ThumbsUp
The provisions in that bill that affect us are primarily for those earning less than $240k/year. Which is a lot of us. And the degree to which it affects you increases as your income goes down.
READ something before you pontificate about it. Maybe you’ll learn something…
09-14-2021, 03:56 PM
#20
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Joined APC: Nov 2013
Posts: 189
Originally Posted by LJ Driver
I love the experts on here that haven’t read the bill, or even the article, and assume if you make less than $400/450k then this doesn’t apply. It most certainly does.
READ something before you pontificate about it. Maybe you’ll learn something…
READ something before you pontificate about it. Maybe you’ll learn something…
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