President Biden’s fiscal year 2024 budget proposal includes many familiar changes that we have seen in past proposals. It’s difficult to predict whether these will come to fruition though it will be important to get ahead on having conversations with your higher wealth clients so that there are no unexpected surprises. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, covers the major tax provisions that will impact your individual clients if enacted, including:

An increase in the net investment income tax rate and scope for those with income over ~$400k
An increase in the top marginal rate to 39.6% for those with income over ~$400k
Taxing long term capital gains and qualified dividends at ordinary rates when taxable income is over $1M
Limits on retirement contributions for high income taxpayers with large IRA balances
Taxing unrealized capital gains at death and at time of gifting when above the exemption amount
Elimination of the back door Roth IRA
And much more!

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Read more about the Biden proposal in this article.
Find Bob Keebler’s latest decision charts in the Proactive Planning Toolkit.
Read in depth details of the current law in the Guide to Financial & Estate Planning.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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Biden’s 2024 budget proposals that impact individuals {PFP Section}

AICPA Personal Financial Planning (PFP)