New Roth IRA and 401k limits; Roth 401k

[Guest ferrad]

I have an interest in the new Roth IRA and 401k limits and the new Roth 401k scheme which I have read about. How can I get more information about these new provisions and when will we know if the bill has been passed? ie. what is the schedule for the various hoops it has to jump through before becoming law?

[BPickerCPA]

All provisions of the bill are effective no earlier than 2001. As of now, the bill is somewhere in the Senate. It appears to me that with Congress looking to adjourn this coming week to go home and campaign, the prospects for this year are bleak.

I suspect that if it does not pass this year, it will come up again in some form next year, but the effective dates will then get pushed back a year.

[Guest ferrad]

Thanks for the reply. It will be a pity if they don't manage to pass it this year. Does the bill provide for increases in the Keogh limits (Profit sharing, Money purchase) as well?

Adrian Ferramosca

acfer@msn.com

[BPickerCPA]

There may be increases in profit sharing upper limits and keogh percentage increases.

[Guest ferrad]

Where can I find a good technical summary of this bill? I've tried reading it on the thomas.loc.gov site, but the pdf is already 290 pages of legalese.

Adrian Ferramosca