Backdoor Roth IRA Contributions after Tax Reform

It pays to read the footnotes.

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2018 Federal Income Tax Rates: Estates and Trusts

These numbers will be adjusted annually for inflation based on the chained consumer price index (C-CPI-U). For more on the Tax Cuts and Jobs Act, click here. Source: Joint Explanatory Statement of the Committee of Conference, p. 13 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS  

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New IRS FAQs Address 2017 Roth Conversion Concerns

The IRS has issued new guidance on recharacterization of Roth conversions, and it is good news for taxpayers who converted in 2017.

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Tangible Personal Property No Longer Qualifies for 1031 Treatment

Beginning January 1, 2018, Section 1031 like-kind exchange tax deferral will no longer apply to exchanges of tangible personal property. Under the Tax Cuts and Jobs Act, only real property will qualify for tax deferral in a like-kind exchange.

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529 Plans: Not Just for College Anymore

Starting in 2018, 529 plans can be used to pay tuition expenses for elementary and secondary schools, thanks to the Tax Cuts and Jobs Act.

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“Repeal” of the Individual Mandate

Under the tax bill formerly known as the Tax Cuts and Jobs Act, the individual mandate has not been repealed, it has just been told to stand quietly in the corner in 2019.

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Qualified Business Deduction Under New § 199A

The tax bill formerly known as the Tax Cuts and Jobs Acts adds new Section 199A, the Qualified Business Deduction. Here is what you need to know.

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Charitable Giving Under the Tax Bill

The Tax Cuts and Jobs Act includes three provisions related to charitable giving.

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501(c)(3) Electioneering Prohibition Alive and Well

Despite efforts by the House, the Tax Cuts and Jobs Act does NOT scale back the Johnson Amendment.

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Estate Tax under the Tax Bill

If the Tax Cuts and Jobs Act passes, the number of estates subject to the death tax is about to get even smaller, at least temporarily.

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Prepaying State and Local Taxes in 2017

Don’t bother. 

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Last Chance for Risk-Free Roth Conversions

The rules will change–and not for the better–in 2018, assuming the Tax Cuts and Job Act passes.

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