Although most of the PROPOSED changes affect high income folks; as pointed out in a previous post, one point was that ALL backdoor Roth conversions were proposed to cease in 2022.
I would not be surprised if this date was pushed out to 2023 or even later, but at any rate, you might want to look into being proactive, just in case.
This was what our CFP firm sent last week:
"On September 14, the House Ways & Means Committee released its American Families Plan proposal. It also aims to increase tax revenues through tax rate increases and rule changes, though it doesn’t mirror every tactic in Biden’s proposal.
We have received many inquiries about the Plan’s potential impact. We have also noticed misinformation about what it entails.
The most important point is that these are proposals, not yet laws. And the legislation will continue to evolve before Congress votes on it, if it ever does.
Nonetheless, it’s not premature to consider the potential implications and whether any action is warranted now."