Today we discuss what happened in Congress and how, for now at least, the backdoor Roth lives on. You can proceed with your contributions as planned. Check out our tutorial to see how: . If at some point Congress decides to make this retroactively illegal, we will walk you through the process of undoing those contributions. We also discuss whether it is worth refinancing your student loans if you are not going for PSLF despite the extension of the student loan holiday. With inflation and rising interest rates this is a more complex question than it typically should be. We answer some questions about employer sponsored 401(k)s, signing bonuses and what kind of contributions to make if you are one of those super savers.
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00:00 Introduction
04:32 Backdoor Roth IRA In 2022?
14:15 Student Loan Holiday Gets Extended
21:18 Sign On Bonuses
25:42 401(k) With A Match
31:02 Super Savers
36:12 WCI Con 2022
36:58 Wrap-Up…(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
Sign on bonuses can also be a sort of loan that is forgiven over the course of your contract, and the tax on this income is also measured out gradually over time. It is important to make sure that the duration of the amortization matches the length of your contract, because if you don’t, you may have a golden handcuff surprise if you leave at the end of your contract and have to pay back part of your sign on bonus still, despite fully completing the full contract.
Guy who left that review at the end is a dweeb
I have a different viewpoint on the ending of the Backdoor Roth IRA and Mega-backdoor Roth. From their prospective these changes are to plug a loophole. As such they will make it retroactive. The conversion will then become null and void (effectively an automatic undo of the conversion) thus you'll then have money sitting in a traditional non-deductible IRA. You then have a choice of keep that money there or pulling the contribution and the earnings out before tax filing date to undo the contribution itself. Of course, they'll have to pass the bill through senate before any of this will happen. Assuming that a bill passes and the backdoor and Mega-backdoor Roth end retroactively, the damage done if you had already done the conversion before the law passed is that you'll pay tax on the earnings (if any) at ordinary income tax rate if you choose to undo the contribution itself.
I'm with you. My wife and I have already done the backdoor and are doing the mega backdoor this month/next. I hope you're right on the 75% confidence it doesn't pass!