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

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White Coat Investor Podcast

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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. Do you know what a smart financial move is? Working on the locum tenens assignment with CompHealth. Now I know what you're thinking. You already have a job, but that's the best part. You can work flexible locum assignments on the side for extra income or you can work locums full-time too. And to top it all off, locums almost always pay more than average. Just head to https://comphealth.com and see what locums can do for you financially. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter  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