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
2022 IRS Audit Wave INCOMING…(Crypto Beware). Biden’s Build Back Better plan is looking for a huge amount of tax revenue to pay for the plan. So there has been a massive hiring spree for the IRS and they are looking to go after crypto currency traders and miners. Surprised? We’re not! So in this video I give you my thoughts about how the IRS will be going after those crypto traders and others to fund the Build Back Better Plan! I also bring on my own Accountant, Steve Hamilton, to breakdown his idea of what the IRS will be doing to grab those tax dollars!HAMILTON TAX & ACCOUNTINGhttps://hamiltontax.as.me/KwakReferralUse Coupon Code: KWAK”Biden’s Updated Plan to Increase Your Taxes”https://www.youtube.com/watch?v=5Q8eHz1Sl6U”Biden’s Plan to STEAL Your Retirement Money…”https://www.youtube.com/watch?v=ak1tCMwaLqY0:00 Intro1:22 Who exactly is the IRS targeting?2:21 What will the $44 Billion dollars do for the IRS?4:49 So what will tax payers do?5:06 IRS Audits incoming5:39 How 2017 changed tax laws6:14 How will this effect you?9:48 #TeamSeas10:38 Interview with my Accountant16:30 Final Thoughts😃 Thanks for Subscribing & Liking our Video!📧 Get Our 1:1 Real Estate Investing Coaching and Mentoring: https://thekwakbrothers.com/rcm-coaching-details/⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software:http://reisoftware.thekwakbrothers.com⌨️Find GREAT Real Estate Deals through Deal Machine. Enjoy a FREE 7 Day Trial:https://dealmachine.app.link/kwakbrothers📊 Pay Off Your Mortgage In 5-7 Years (On Average):https://www.youtube.com/watch?v=eGVn9iq1e6c📗 Get Our FREE Book “Break Free From Your Mortgage”https://acceleratedbanking.com/book📘 Get Our FREE Book “0 To 75 Units in 1 Year”https://0to75units.com💻 JOIN OUR FREE FACEBOOK GROUP FOR LANDLORDS:https://www.facebook.com/groups/bestreigroup💳 Are you a Business Owner? Start Accepting Credit Card Payments with Lower Fees:http://emap.easypaydirect.com/go/signup/vf8d3N========================—DISCLAIMER— The suggestions, advice, and/or opinions that are given by Sam Kwak and Daniel Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold The Kwak Brothers and its brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
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