What's new
Fantasy Football - Footballguys Forums

Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.

Build Back Better (1 Viewer)

Nugget said:
Luckily they were able to keep this tax break. Mega back door Roth conversions would have impacted millions of people. 
Click to expand...
Are there any statistics on the number of people that make a mega back door Roth conversion each year?  It seems to me the number of people with a plan that allows after-tax contributions and allows in service withdrawals and already max out 401(k) contributions with money to spare would not be in the millions but honestly I do not know.

 
Stealthycat said:
I just got this notice from my employer - Build Back Better impacting millions of people's retirement 

that's build back better ??

IMPORTANT NOTE: There is legislation outlined in the Build Back Better Act to eliminate the Roth In-Plan Conversion option from 401(k) plans. This bill was proposed in 2021 and is likely to be voted on in early 2022. We do not know if this bill will pass and/or if the final version will eliminate this option, but we will update you when we have information to share. Please consider the possibility that you may not be able to convert 2022 after-tax contributions in your 401(k) plan if the legislation passes and in-plan conversions are eliminated. You should consult with your financial advisor before proceeding.
Click to expand...


Tom Hagen said:
Are there any statistics on the number of people that make a mega back door Roth conversion each year?  It seems to me the number of people with a plan that allows after-tax contributions and allows in service withdrawals and already max out 401(k) contributions with money to spare would not be in the millions but honestly I do not know.
Click to expand...
I don’t think it is in the millions. I was using Stealthy Cats quote that it was affecting millions of people.  This will affect people who put more than $20K a year into a 401K and don’t qualify for a Roth. Or for those with more than $10M in retirement accounts.  Average middle class America. 

 
Nugget said:
I don’t think it is in the millions. I was using Stealthy Cats quote that it was affecting millions of people.  This will affect people who put more than $20K a year into a 401K and don’t qualify for a Roth. Or for those with more than $10M in retirement accounts.  Average middle class America. 
Click to expand...
Folks who make more than $400k you mean. 

 
So today:

Sen. Joe Manchin, asked about Build Back Better, said: “What Build Back Better bill? I don’t know what you guys are talking about.”

:lmao:

 
Sand said:
I pack away the max in a 401k and make nowhere near that (or half of that).  It's not what you make, it's what you save.
Click to expand...
$58K in retirement savings is impressive on an income less than $200K. We’ll done. 

 
Nugget said:
$58K in retirement savings is impressive on an income less than $200K. We’ll done. 
Click to expand...
I'm not self employed - max contribution is 19k.  Though overall I manage to save roughly half of my income.  We'll see how that holds up when my second starts looking at colleges.  :oldunsure:

 
Sand said:
I'm not self employed - max contribution is 19k.  Though overall I manage to save roughly half of my income.  We'll see how that holds up when my second starts looking at colleges.  :oldunsure:
Click to expand...
My first is headed to college in the fall. I was looking ahead to AOTC for taxes this week. Best of luck. 
 

The 19K was never in danger. Some employees contribute after tax dollars (another 38K) and then immediately flip them to a Roth through the back door conversion.   I’m not sure if all employees offer that option - it isnt in my budget. That was the only thing at risk through the BBB.  

 
Nugget said:
The 19K was never in danger. Some employees contribute after tax dollars (another 38K) and then immediately flip them to a Roth through the back door conversion.   I’m not sure if all employees offer that option - it isnt in my budget. That was the only thing at risk through the BBB.  
Click to expand...
I actually agree that the MBR wasn't intended and am fine with it being removed.  Along with carried interest, putting unregistered stocks into IRAs, and QSBS manipulations. All are pretty egregious tax loopholes.

I never did have the MBR option, though my new place of work might (we'll see, one can always hope).  

 
Sand said:
I'm not self employed - max contribution is 19k.  Though overall I manage to save roughly half of my income.  We'll see how that holds up when my second starts looking at colleges.  :oldunsure:
Click to expand...
As I understand it, it's not the looking at colleges that's the issue.  I hear that "looking" is free. 😉

 
You must log in or register to reply here.

Similar threads

Jackstraw
Republicans will demand cuts to SS and medicare or crash the economy
2
Replies
93
Views
3K
The Commish
The Commish
GordonGekko
CNN: Obama On Republicans "Just Beat Them" Because They're "Mean, Racist, Sexist, Angry" (10/10/22 17:48 PST)
Replies
6
Views
482
GordonGekko
GordonGekko
GordonGekko
Schumer's Radical Abortion Gamble Of "Up To The Moment Of Birth" Will Backfire (5/11/22 00:52 PST)
Replies
19
Views
710
GordonGekko
GordonGekko

Users who are viewing this thread

Total: 2 (members: 0, guests: 2)
Top