Permalink Submitted by Alan - IRA critic on Tue, 2021-12-28 20:39
No one knows. If the bill is passed in January, it might be retroactive to 1/1. Congress does not appear to care much how retroactive legislation impacts IRA custodians, the IRS, or just about anyone. In recent years, major tax bills including the Secure Act and TCJA were signed in December. While these were not retroactive, they became effective only a few days after being signed into law, giving the parties responsible for dealing with the changes no time to adjust their systems. Not sure why it would be any different this time.
Permalink Submitted by Alan - IRA critic on Tue, 2021-12-28 20:39
No one knows. If the bill is passed in January, it might be retroactive to 1/1. Congress does not appear to care much how retroactive legislation impacts IRA custodians, the IRS, or just about anyone. In recent years, major tax bills including the Secure Act and TCJA were signed in December. While these were not retroactive, they became effective only a few days after being signed into law, giving the parties responsible for dealing with the changes no time to adjust their systems. Not sure why it would be any different this time.