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HomeTrading NewsA Popular Tax Trick for Savers, the Mega ‘Back Door’ Roth IRA, Is Eliminated in House Bill

A Popular Tax Trick for Savers, the Mega ‘Back Door’ Roth IRA, Is Eliminated in House Bill

Americans would no longer be able to use some popular strategies to move money into tax-free Roth individual retirement accounts under a roughly $2 trillion education, healthcare and climate package House Democrats approved on Friday.

The bill, passed along partisan lines and expected to be amended by the Senate, includes a series of provisions Democrats are backing in an effort to prevent the wealthiest Americans from shielding multimillion-dollar retirement accounts from taxes.

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