Can I Make an Ira Catch Up Contribution in 2022?

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The reason you didn't want to do an i r a roll over is kind of gone. And if that is truly gone, whe're notk miled the do back door rothi or as any more. Bear in mind that a self directed individual four one k does have a few advantages over a self direct i r a. If you turn 50 on december 30, first of 20 22, you can make your catch up contribution on anuary second 20 22. An, you don't wat to be 50 for a full year. You just have to turn 50 in the same year that you make the catch up contribution.

There are potential big changes coming up as a new tax bill is working its way through Congress. While there are sure to be many changes to the proposed bill before it becomes law we wanted to dive into how this bill will affect the WCI community. One of the biggest impacts is that backdoor Roth IRA and mega backdoor Roth IRA accounts could be gone for good. There are proposed changes to income tax brackets and required minimum deduction rules. We look into these changes and many others that could be coming our way.

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