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Will the “Build Back Better” Plan Eliminate Roth IRAs - Mega Backdoor Roth IRAs for Good?SUBSCRIBE to NOT being a transaction ever again... https://bit.ly/33TpKqDLike us on Facebook! https://www.facebook.com/Stop-Being-Sold-524309451006118Follow us on Twitter! https://twitter.com/stopbeingsoldVisit us on the web: https://stopbeingsold.com/The recent version of the Build Back Better Act has brought back retirement law changes that will curb high balance accounts and popular wealth building strategies including backdoor Roth IRAs and after-tax 401(k) contributions. The goal: Tax the wealthiest taxpayers to help pay for the new Social and Climate bill that is currently being debated in Congress.History of Roth: A Roth IRA can be a great way to save for retirement since the accounts have no required minimum distributions and you withdraw the money tax-free.The Roth IRA was introduced as part of the Taxpayer Relief Act of 1997.Is named for Senator William Roth, the author/founderHere’s some of the fine print:Backdoor Roth IRA’sBackdoor Roth IRA’s – These are where someone makes too much to contribute to a Roth IRA, and they can put non-deductible contributions to an IRA and immediately convert to a Roth (owing no taxes)Eliminated by limiting rollovers and conversions to taxable accounts after Dec 31, 2021.Backdoor Mega Roth IRA’sSame as the Backdoor Roth, except it allows much greater amounts to be deposited.Prohibits all after-tax contributions to 401(k)s after Dec. 31st, 2021.Also prohibits converting existing after-tax IRA amounts to a Roth IRA after Dec 31, 2021.Both Backdoor Roth and Mega Roth IRA’s are regardless of income levelRoth ConversionsEliminates Roth conversions for higher income earners above $400k for individuals and $450k for married couples after Dec 31, 2021.New contribution limitsProhibits new contributions for IRA holders with a total of $10 million in IRA assets.Applies to married couples with income over $450,000, and individual income over $400,000New distribution rules for larger accountsRequired to take a special minimum withdrawal of 50% of the amount over $10 million the year following you reaching this number.More restrictive provisions over $20 million.Begins Dec 31st, 2028New Reporting RequirementsRecordkeepers (TD/Schwab/Fidelity) will be required for annual reporting of all accounts over $2.5 million.Also, reporting of where the assets are held (Roth/Traditional)Begins dec 31, 2028Once this data is available it could lead to lowering the threshold of Special Minimum Withdrawals from $10 million to who knows whereLonger timeframe for IRS to go after violators (6 years, instead of 3)Stay tuned to this channel as this information is very fluid.. mega backdoor roth, roth ira withdrawal tax rules, roth ira eliminated, roth conversion eliminated, backdoor roth
#SSI #SSDI #SocialSecurityIn this video, we will be discussing the push for Congress to approve $1400 stimulus checks for our lovely seniors and cost of living adjustment increase for 2022. Link To Sign Petition for $1400 Stimulus Checks for Seniors:https://seniorsleague.salsalabs.org/emergencystimulus/index.htmlCheck Out My Blog:https://www.madmoneymillennial.com/Join My Facebook Group (Social Security Coffee Chat):https://www.facebook.com/groups/4479107012146027Useful Links:https://www.ssa.govGET YOUR ONE FREE STOCK:https://join.robinhood.com/joshuab-32885d/My name is Josh Baldwin and I'm passionate about Social Security and making sure my viewers get the MOST out of their retirement. Tune in for news updates and benefits information every Tuesday, Wednesday, and Thursday!Disclaimer: The information I discuss is solely based on my own personal understanding of the rules of the Social Security Administration and should not be considered an alternative to receiving proper guidance from a trained financial, tax, or retirement professional.
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Please join Friday 11/5 @ 2:30 PM EST as Harvard Law Attorney & Self-Employed Retirement Expert George Blower provides an update on the recent House Proposal that re-introduces the recently proposed ban on Backdoor Roth IRA and 401k plans.LEARN MORE:https://www.mysolo401k.net/back-again-backdoor-roth-and-mega-backdoor-roth-added-back-to-pending-reconciliation-bill-build-back-better-act-of-2021/https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below:-The highest contribution limits for any defined contribution plan including up to $57,000 (or even $63,500 if you are 50 or older) for 2020 (for 2021: $58k or $64.5 if you are 50 or older).-The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.-401k participant loans of up to $50,000-Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments.Open an Account: https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/Learn More: https://www.mysolo401k.net/solo-401k/Subscribe to our channel for weekly educational webinars: https://www.youtube.com/channel/UC1vw56qJEnK7DBNqCmeapcgFor over 10 years, My Solo 401k Financial is the leading self-directed solo 401k provider having helped over 8,000 clients take control over their retirement funds by focusing on superior knowledge, expertise, and customer service with over 100+ 5-star verified customer reviews on the Better Business Bureau (BBB).
The IRS and the Social Security Administration just announced the new retirement contribution limits for the year 2022. Congress is also working to pass the Build Back Better Act that could possibly repeal backdoor Roth IRA and the Mega Backdoor Roth. How are they going to change our retirement strategy? 👨🏫 1:1 Financial Coaching 👩🏫Schedule a free 20-minute 1:1 coaching session➡️ Introductory Forum: https://forms.gle/pjd6x1RwsEidn12f8📧 Email: email@example.com📖 Get Your Free Financial Spreadsheets and Resources 📖➡️ https://forms.gle/LbUKsQgrxk2Xn2Ez9📷 Additional FIRE Videos 📷Mega Backdoor Roth Explained - https://youtu.be/0si-5lnJkh4Buy Borrow Die - https://youtu.be/ISX9iJW58T8How to save for HSA - https://youtu.be/tgFouak0b1IOur $2.8 mil Fat FIRE Plan - https://youtu.be/g8XrtwoaApUHow We save 60% of our Income - https://youtu.be/2JstYnmvhVgOur $1 mil Dividend Stock Portfolio Strategy - https://youtu.be/ZetNufibOpsBackdoor Roth IRA - https://youtu.be/2-NOf2-2KZwFat FIRE Roadmaps - https://youtu.be/kt2qrtrD72o🎵 Music and Sound Effects Provided by Epidemic Sound 🎵 https://www.epidemicsound.com/referral/de9jqv/ ⏰ Table of Contents ⏰ 0:00 IRA Update2:51 401k, 403b, 457, TSP Updates4:28 Social Security & Medicare Updates5:11 Build Back Better Act7:02 Our 2022 Retirement Contributions#FIREPsyChat #FinancialIndependence #Retirement🤳 Add me on Instagram @FIREPsyChat 🤳https://www.instagram.com/firepsychat/📖 Start educating your children about financial literacy today! 📚 Piggy Bank aka “Ham” from Toy Story - https://amzn.to/2SIdndD Monopoly Classic Game - https://amzn.to/3gAL1LyKids Bank Play Money Set - https://amzn.to/3q64gQh 📷 Equipment Used for This Content 📷 Sony ZV-1 - https://amzn.to/3cmk63nRode VideoMicrophone - https://amzn.to/3uZDz0iGVM LED Light - https://amzn.to/2T3kGweSanDisk 128GB SD Card - https://amzn.to/3fVJ5Nn3-Pack Replacement Batteries - https://amzn.to/3fUjqExPortable Charger - https://amzn.to/3uX9UVIDisclaimer: I am not a financial advisor. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence, or seek the advice of a licensed advisor if necessary. Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons.