END OF BACKDOOR ROTH? (HOUSE PROPOSES CHANGES TO IRA, 401K) | House Democrats just unveiled a plan that might spell the end of the backdoor Roth IRA and mega backdoor roth strategy. This video explains the 3 most important changes that might affect you and your IRA/401k contributions. Text of the bill:
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0:00 End of Backdoor Roth?
0:32 #1 Change: Prohibit contributions to IRA for certain taxpayers
1:05 #2 Change: New Required Minimum Distributions for IRA & 401k
1:41 #3 Change: End of Backdoor & Mega Backdoor Roth?
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Write an article about End of Backdoor Roth? (3 PROPOSED CHANGES TO IRA, 401K) in English
Skip Ahead Here!
0:00 End of Backdoor Roth?
0:32 #1 Change: Prohibit contributions to IRA for certain taxpayers
1:05 #2 Change: New Required Minimum Distributions for IRA & 401k
1:41 #3 Change: End of Backdoor & Mega Backdoor Roth?
Hi, if after tax IRA to Roth IRA can be stopped soon, Can I put preTax money in IRA (part of $19500- 403B) and then convert to Roth IRA in 2022. I cannot put money directly to Roth due to income limits. Thanks
Great news, lawmakers have dropped plans to eliminate the backdoor Roth IRA! Last week, all retirement-related provisions from the the latest Build Back Better bill have been axed.
Any idea when they will vote and decide on this? I hate mega back door is gone!
Sorry about my confusion. So will I still be able to convert my employer-based pre-tax 403B account to a private Roth through 2031 subject only to the income limits? Thank you.
I hope this bill doesn’t pass.
Thanks so much for this video- what is the name of the bill again?
I do the megabackdoor Roth and I'm not happy about this bill. The middle class is getting screwed!
Just confirmed, this bill would totally eliminate the use of the backdoor Roth strategy, by prohibiting after-tax IRAs from being converted to a Roth, regardless of income level, and beginning 2022.