The most recent proposal of the Build Back Better Act on November 3rd has reintroduced a call to eliminate Backdoor Roth and Mega Backdoor Roth contributions, prohibit new retirement account contributions and force distributions for taxpayers with retirement account balances above $10,000,000, and create new reporting requirements for IRAs with balances of at least $2.5 million. While it is still unknown which provisions will ultimately be enacted into law, the signs are pointing to this being the last year that Backdoor Roth and Mega Backdoor Roth contributions can be made. If that is the case, it may be advantageous to utilize these provisions while they still exist.

At Brandywine Oak, we decipher the tax law proposals to formulate proactive wealth strategies for our clients that help reach their long-term goals. To learn more about the Build Back Better Act proposals, please read Forbes https://lnkd.in/g3Z3-M4X.

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