What is the Inflation Reduction Act, and how will it affect you? Shanna Tingom and Jon break down this new legislation, which the President signed into law shortly before we recorded this episode.
First, this will not affect Roth conversions or so-called "back door" Roth IRA contributions. Shanna gives us a refresher on what's involved with those strategies and moves.
We also talk about tax rates, and how the Inflation Reduction Act will affect health care and prescription drug prices.
What about the IRS? There's been a lot of talk about increasing the number of IRS employees. Should that scare you?
To contact Shanna Tingom and the team at Heritage Financial Strategies, visit https://www.heritagefinancialaz.com/
Additional Resources:
Investopedia ROTH IRA Rules:https://www.investopedia.com/articles/personal-finance/081615/basics-roth-ira-contribution-rules.asp
Kaiser Family Foundation:https://www.kff.org/slideshow/what-are-the-prescription-drug-provisions-in-the-inflation-reduction-act/
Tax Foundation: https://taxfoundation.org/inflation-reduction-act/
Senate Democrats: https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf