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Mu Zeta posted:My boss told me he's offering a Simple IRA starting in 2024. Congrats. I kept trying to get my previous (small business) employer to do this. They never did, and I think you've officially become an adult when you think, "huh, I want a job with a 401(k)/etc." Anyway, do be aware this complicates backdoor Roth IRAs, if that's a thing your income is high enough for and you want to take advantage of.
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Dec 11, 2023 03:08
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Leperflesh posted:oh yeah I knew that lol However, if you have other traditional IRAs (or simple/SEP IRAs), then things get complicated
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Dec 31, 2023 19:35
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SpelledBackwards posted:you contribute to a traditional IRA (but because of your income it will be non tax-deductible) and then convert it to a Roth IRA contribution (which would've been non-tax-deductible anyway) via the backdoor Roth method. Vanguard makes this super easy to do, not sure how easy it is as other exchanges. Do note this only works cleanly if you have no other non-Roth IRAs (even a SIMPLE or SEP can futz it up).
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Jan 3, 2024 10:52
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MegaZeroX posted:It is worth noting that this will probably be patched at some point. Dems would have done it when they had the trifecta as part of the Build Back Better legislation, but Manchin through a hissy fit and wouldn't allow it. A future dem trifecta will probably actually do it unless they are reliant on a Manchin-like figure again to pass leglislation. I like that this all originated from Peter Thiel's abuse of Roth accounts, and those loopholes they didn't actually close in most versions of the bill.
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Jan 10, 2024 21:10
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Serious_Cyclone posted:I'm curious if having a SIMPLE plan would affect my ability to do backdoor Roth contributions? It would.
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Mar 7, 2024 02:11
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