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Yes, the BBB plan would close the backdoor loophole, but that's if it passes and it would be closed 10 years from now.
by auc 5y ago
Yes, the BBB plan would close the backdoor loophole, but that's if it passes and it would be closed 10 years from now.
- senkora 5y agoI’d welcome that, but it’s new information to me and I can’t find confirmation of it. The sources I find all say it could potentially be banned retroactive to the start of this year.
- auc 5y agoActually, it seem you are right. If BBB passed, they would close the loophole at end of year. The 10 year rule applies to a traditional -> roth conversion to high income earners.
- Unklejoe 5y ago> it would be closed 10 years from now Is that confirmed? I was holding off on doing my backdoor Roth because it seemed like no one was really sure what was going to happen if BBB passes. Most people figure that it would at least take effect in 2023 instead of the original intent of 2022, but as far as I know, it wasn't actually changed.