$3.5 Trillion doesn’t just grow on trees!
09-14-2021 | 07:43 AM
#11
Line Holder
Joined: Jun 2019
Posts: 599
Likes: 46
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
Line Holder
Joined: Jul 2014
Posts: 872
Likes: 31
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
Line Holder
Joined: Dec 2018
Posts: 1,164
Likes: 54
From: 737 CA
… 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
Gets Weekends Off
Joined: Aug 2021
Posts: 100
Likes: 0
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 | 12:46 PM
#18
Gets Weekends Off
Joined: Mar 2018
Posts: 3,633
Likes: 209
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.
09-14-2021 | 03:54 PM
#19
Thread Starter
Line Holder
Joined: Jul 2018
Posts: 532
Likes: 10
READ something before you pontificate about it. Maybe you’ll learn something…
09-14-2021 | 03:56 PM
#20
Gets Weekends Off
Joined: Nov 2013
Posts: 189
Likes: 0
The mega back door Roth applies to all income ranges. This is a big deal. I’ll be calling my representatives.
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