WGN Radio’s Ilyce Glink and Tom Fortino from Alpha Wealth Group give you the latest financial business news and financial planning advice and more!
Americans would no longer be able to use some popular strategies to move money into tax-free Roth individual retirement accounts under a roughly $2 trillion education, healthcare and climate package House Democrats approved on Friday.
The bill, passed along partisan lines and expected to be amended by the Senate, includes a series of provisions Democrats are backing in an effort to prevent the wealthiest Americans from shielding multimillion-dollar retirement accounts from taxes. Starting Jan. 1, 2022, the legislation would prohibit use of a type of Roth conversion known as the mega-backdoor Roth conversion. Regular Roth conversions would still be allowed, although starting in 2032, they would be off-limits for people with higher incomes.
Listen as Ilyce and Tom discuss the ins and outs of the bill and what it means for you.
If you’d like to get involved with the show, you can call at 630-934-1855. A member of Tom Fortino’s group will get back to you.