Mike discusses questions and issues around things that are on the table in Congress that could change how you handle your IRA:
- The back door Roth conversion elimination:
- What is the back door Roth conversion and how does it work?
- Who would be affected by this policy change?
- Roth conversions for those with an income over 400k may become limited.
- Required Minimum Distribution and Qualified Charitable Distribution rules could be changing.
- Recharacterizations might no longer be allowed.
- Step up in basis might be going away, but would be replaced by carry over basis. An example of the difference: giving to a child.
- The tax rate could go up for higher income earners: how this could affect small business.
- Capital gains rate could go up.
He also discusses some other issues such as:
- How increasing taxes increases inflation
- What about social security? Is that at risk? What are some ways you can plan to supplement your social security income?
Listen on iTunes
Listen on Stitcher
Listen on Google
