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General Discussion => Welcome and General Discussion => Topic started by: frugally on October 26, 2016, 05:47:08 PM

Title: Wyden Proposal would eliminate Traditional IRA -> Roth IRA Conversions
Post by: frugally on October 26, 2016, 05:47:08 PM

Looks like in an effort to remove the backdoor Roth IRA, this (http://www.finance.senate.gov/ranking-members-news/wyden-proposal-would-crack-down-on-tax-avoidance-in-retirement-plans-create-new-opportunities-for-working-americans-to-save) senate draft bill proposal would also eliminate deductible IRA/401k contribution conversions into your Roth accounts.

Here is a link (http://www.senate.gov/general/contact_information/senators_cfm.cfm) to find your state's senators so you can give them your opinion about the bill.

Credit goes to this reddit thread (https://www.reddit.com/r/financialindependence/comments/59iaoi/draft_senate_bill_to_eliminate_roth_ira/) for the news.

Title: Re: Wyden Proposal would eliminate Traditional IRA -> Roth IRA Conversions
Post by: pdxmonkey on October 26, 2016, 07:50:36 PM

Well then....checks ballot to see who's up for reelection this year.

Title: Re: Wyden Proposal would eliminate Traditional IRA -> Roth IRA Conversions
Post by: terran on October 26, 2016, 08:00:32 PM

There's been some discussion of this over here: http://forum.mrmoneymustache.com/taxes/congressman-proposes-ending-'back-door'-roth-contributions/

Title: Re: Wyden Proposal would eliminate Traditional IRA -> Roth IRA Conversions
Post by: frugally on October 26, 2016, 08:30:02 PM

Ah thanks terran, didn't see that.