WCI #230: Congress Proposes New Tax Bill Impacting High Earners

There are potential big changes coming up as a new tax bill is working its way through Congress. While there are sure to be many changes to the proposed bill before it becomes law we wanted to dive into how this bill will affect the WCI community. One of the biggest impacts is that backdoor Roth IRA and mega backdoor Roth IRA accounts could be gone for good. There are proposed changes to income tax brackets and required minimum deduction rules. We look into these changes and many others that could be coming our way.

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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!

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00:00 Introduction
00:46 Deep Dive - Biden's Tax Bill
19:22 WCI Conference 2022
29:51 Your Questions Answered
30:05 $0 PSLF payments until 2023
33:49 Rolling over a Defined Benefit Plan
38:01 Catch-up contributions the year I turn 50 or the year after I turn 50
39:02 Open a solo 401(k) by giving my spouse 50% of my practice
40:50 Companies that will refinance my student loans with less than 2 years of 1099 income
43:35 Financial considerations to think about before giving birth
53:53 Taking money out of a UTMA to pay tithing?
59:07 The best way to handle a 401(a) while transitioning to fellowship
1:05:24 Wrap-Up