In this video The White Coat Investor does a Deep Dive into the status of The Backdoor Roth IRA Rules For Q1-2022 – Can you still do a Backdoor Roth IRA Conversion in 2022?
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00:00 What Congress Is Doing
03:52 What If It Does Pass?
04:41 Do Your Backdoor Roth IRA NOW!
05:48 Nothing Has Changed…Yet
06:24 WCI will help you!…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
I can only do the conversion once a year. I have to wait to do it again if its available in 2023. I'm hesitant to do after tax money in my 401k right now.
hmmm it's May 2022 and I converted 6k from traditional to roth and started investing. Maybe I should have waited to the end of the year -.- ….
The bigger problem with the Biden Build back better plan is the required RMD (The Peter Thiel blow back written by Senator Wyden and Congressman Neal) that goes into effect in 2028.. ie if your retirement accounts are greater than 10 mil say 11 mil you have to take out 500K and if greater than 20 mil say 22 mil you have to withdraw 2 mill .. so there will be a cap on retirement accounts. It is changing the rules at the end of the game. Who is to say these limits will not drop even lower to pay for the needs of our new citizens and to forgive student loans and climate change. If one is young with inflation and hopefully growth of your investments it could happen to you and if old it could effect you now. Just like the AMT effected the middle class until Trump changed it. I wish we had a 2 line tax code if you make under 250K you pay 5% more you pay what it takes to pay for roads schools military ect. NO deductions. Instead we get a convoluted tax code so politicians can pander to their voters. This unfortunately will never change. Beware this Biden Build back better plan is a wolf in sheep's clothing.
Can I transfer it from my Rollover IRA?
I went thru the Senate BBB version at year end, I didnt see the Backdoor Roth stuff in it. Yes it was in the House bill. That said, i did mine on Jan 3rd.
Thank you for opening by cutting to the chase.
Yes, it’s currently okay to continue to do your backdoor and/or mega backdoor roth. – Jan 20, 2022