Making Cents of Retirement

New Tax Regulations

Episode Notes

CFG Retirement Website: https://cfgretirement.com/

CFG Retirement Phone Number: 952-657-7470

Vince Oldre email: vince@cfgretirement.com

There are a number of proposed changes to tax law currently being debated in Congress.  And while they parameters seem to change by the day, here are some key proposals that could impact your financial future.  Vince Oldre of CFG Retirement and Jon Gay break them down into three categories:  Retirement accounts, State and Local Taxes (SALT), and Estate Taxes.

Retirement Accounts:

• New RMD rules may require distributions not just based on age, but by the total value of the accounts.
• Roth conversions, specifically "back door Roths" could become a thing of the past.   

State and Local Taxes:

• The amount of state and local taxes you can deduct from your federal return may increase

Estate Taxes:

• The 2017 Tax Cuts and Jobs Act is set to expire in 2026. This could affect the top tax bracket as well as the thresholds for estate taxes.
  • The Pass Through Deduction of 20% for business owners