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Stevenson
Stevenson (@guest_1274756)
October 29, 2021 11:01

Anyone else unable to open FM site?

Chuck
Editor
Chuck(@chucksithe)
October 29, 2021 13:08

Working fine for me

sdsearch
sdsearch (@guest_1274877)
October 29, 2021 14:09

I just did it had no problem, but then I’m trying it about 3 hours after you did.

I you still have a problem, try opening it in a private/incognito window. If that works but a normal window doesn’t, you probably have to clear cookies for the FM site from your browser. When some websites stop working for me, I find that clearing cookies gets rid of the problem.

Tanya
Tanya (@guest_1274750)
October 29, 2021 10:49

Yeah, Leverage tip!!! Thank you DOC!!

Lucas A
Lucas A (@guest_1274740)
October 29, 2021 10:26

I’m waiting on the DOC IPO

Concerned Consumer
Concerned Consumer (@guest_1274747)
October 29, 2021 10:42

Yolo!

Chuck
Editor
Chuck(@chucksithe)
October 29, 2021 13:08

😉

David
David (@guest_1274700)
October 29, 2021 09:14

What I want to know is what the status is of the legislation that was going to get rid of the Backdoor ROTH IRA contributions. If that shit goes through thats enough to change my votes for the rest of eternity. Great job, let’s screw the middle class out of having an ability to do a mere $6,000 in after-tax retirement dollars…

Moldova
Moldova (@guest_1274710)
October 29, 2021 09:28

You are not alone.

Dan
Dan (@guest_1274713)
October 29, 2021 09:32

That is out too.

David
David (@guest_1274718)
October 29, 2021 09:39

@Dan Got a Source for me? I have searched google tons – and I can’t find any news sources that keeps up to date with the active status. Would appreciate it a ton, thanks!

David
David (@guest_1274732)
October 29, 2021 10:11
  VD

Thank you both! Greatly appreciate it and am glad to hear.

RiskandReward
RiskandReward (@guest_1274726)
October 29, 2021 09:57

These IRAs may be the ultimate honeypot, just too much money in there, along with 401ks to be left alone by these political parasites.

D
D (@guest_1276229)
November 1, 2021 17:54

Nah, the USA is the ultimate tax protectors for the upper middle class. They/we have been benefitting from the hidden welfare state for a LONG time.

It might be time (I say this as someone in a similar boat) that we pay our fair share
https://www.niskanencenter.org/libertarians-conservatives-stop-opposing-welfare-state/
https://www.piie.com/publications/pb/pb15-4.pdf

In my view, ending the backdoor Roth is the right thing to do.

Stevenson
Stevenson (@guest_1274775)
October 29, 2021 11:31

I gotta fire my tax accountant. Never even heard of this backdoor Roth contribution until now.

David
David (@guest_1274797)
October 29, 2021 11:53

It’s really a retirement benefit. Since a ROTH requires you to pay taxes up-front (for being able to withdraw later with no taxes due), it doesn’t offer any direct tax benefits until you’re retiring and withdrawing it.

But it definitely a sound investment strategy that everyone that can should utilize. Also understand, you don’t need to do a Backdoor ROTH necessarily, thats only if your income is above $125k (Single) or $198k (Married): https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2021

Stevenson
Stevenson (@guest_1274805)
October 29, 2021 12:11

David thank for your detailed reply.
While I am aware of a Roth, I assumed because of my filing status, that’s it. Didn’t know I could contribute via this backdoor method.

David
David (@guest_1274811)
October 29, 2021 12:17

Stevenson – Perhaps I didn’t make it clear – The purpose of a Backdoor ROTH is to be able to do the standard $6,000 in contributions while still being over the income limits per the IRS. So we aren’t able to contribute MORE, just the standard contribution amount of $6,000.

There is also a way to contribute more though utilizing what is called the MEGA Backdoor ROTH. It’s similar, but it’s through After-Tax 401k contributions – which can then be converted to ROTH IRA/401K.

Stevenson
Stevenson (@guest_1274815)
October 29, 2021 12:28

David nope, you were perfectly clear. I wasn’t, so thank you.
Never heard of this MEGA either, so will look into.

qmc
qmc (@guest_1275189)
October 30, 2021 00:16

Screw the middle class out of “mere” $6000? If it’s only a ‘mere” $6000, you shouldn’t mind losing it then, right? 🙃

It’s very obviously a loophole around the intended income limits. Kill off the loophole, kill off the mega backdoor loophole. Adjust the graduation of the phase out (at least it’s already inflation-indexed). Make it work as intended — right now, it’s not just the “middle class” getting this, but people making millions also are able to defer this, with even higher risk investments and the potential gains.

David
David (@guest_1275192)
October 30, 2021 00:29

Do you sincerely think Billionaires – wait scratch that – even millionaires give a flying fuck about a $6,000 post-tax account? Or even a $50k post tax account for that matter (in the case of Mega Backdoor)?

The answer is no. The real rich do not give a single fuck about pocket change. They have far bigger loopholes to be going after.

qmc
qmc (@guest_1279468)
November 7, 2021 19:24

There’s a couple of interesting tables here: https://www.taxpolicycenter.org/briefing-book/who-uses-individual-retirement-accounts … yes, it looks like a pretty good number of the folks making over the 140k/208k limits do have IRAs, and Roth IRAs. So yes, they do.

Yes, there are other loopholes. We should get those too.

The people making 200k+ don’t need a tax break to be incentivized to save for their own retirement (and those that have mega-backdoor-capable plans shouldn’t be advantaged over those that don’t either)

D
D (@guest_1276230)
November 1, 2021 17:54

Agreed 100%

D
D (@guest_1276226)
November 1, 2021 17:52

I mean a huge chunk of the middle class doesn’t have that luxury anyway. Its funny because the limits reach up to 125k for singles. That is…to put it lightly…very very high middle class.

its funny because you make it sound like it screws the middle class.
https://dqydj.com/income-percentile-calculator/ – 125,000 = 89th percentile

This ain’t no real “middle class” issue. The working class and 95% of the middle class don’t give two shits about this. You and I do because we are rich. It would be good we don’t forget that.