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Ask the Hammer: Does this Proposed Legislation Prohibit Conversions?

Jeffery Levine, chief planning officer at Buckingham Wealth Partners, answered a reader's question about whether conversions are still possible under new legislation proposed by the House Ways and Means Committee.

"My question is around the language used in the Ways and Means Committee bill section 138 311, specifically around prohibiting conversions if there are after-tax contributions in the IRA accounts. In short, does this actually prohibit any conversions, or will it allow a conversion, but you pay double tax on the amount that was an after-tax contribution using the pro-rata rule?"

That is the question Jeffery Levine, chief planning officer at Buckingham Wealth Partners, answered in this installment of Ask the Hammer. 

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