The Tax Cuts and Jobs Act of 2017, that went into effect January 1, 2018, impacts many Americans’ retirement and saving accounts. Mathew Sorensen’s latest article, GOP Tax Reform and Retirement Accounts, reports on the major changes and covers proposed changes that did not make the cut.
“Roth re-characterizations are dead. Account holders will no longer be able to conduct what is known as a Roth re-characterization… This strategy will still be allowed for those who converted in 2017… but is unavailable after that.” – Mathew Sorensen
For supplemental reading on Roth re-characterizations, Mathew Sorensen outlines a full description and key factors in his article Roth IRA Conversion Re-Characterization: One “Do-Over” the IRS Allows.
To read the GOP Tax Reform and Retirement Accounts article, Click Here.
To read the Roth IRA Conversion Re-Characterization: One “Do-Over” the IRS Allows article, Click Here.
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