written by reader Congress has passed new tax(s) on withdrawing 401K, IRA & Roth IRA accounts – by Retirement Financial Planner Bob Carlson

By bunnykins, September 14, 2020

This presentation warns that Congress is going after 401k, IRA and Roth IRA accounts by significantly taxing withdraws from retirement accounts. He says that Congress has changed the laws that safeguarded these types of retirement savings and with their new law, the old laws will no longer apply and upon withdrawing from our 401K, IRA and Roth IRA accounts, there will be a whopping new tax. It seems that the government has been planning to do this for awhile, as they have encouraged us to save for our retirement in theses funds by making them very appealing for just that.

There are TRILLIONS of dollars collected/accumulated in these accounts and the government wants their share of it. In the tease, Bob explains this part clearly, buy he doesn’t actually quote the bill that he claims does this so I wonder what it plainly said . . .

Anybody know anything about this Bob Carlson claim and what’s really going on?

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Travis Johnson, Stock Gumshoe
September 15, 2020 11:35 am

That’s just speculative fearmongering, as far as I can tell — yes, with our massive and growing budget deficits the assumption should probably be that taxes will be far higher in the future than they are today, but there are no specific tax increases on retirement withdrawals that I know about. There’s a good summary here of recent proposed and enacted changes: https://www.elderlawanswers.com/new-law-set-to-make-big-changes-to-retirement-plans-17502

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