Lawmakers discuss tweaking the tax rules for contributing to retirement funds.
James Buchen of Wisconsin Manufacturers and Commerce says his group supports the intent of the bill (AB-648) regarding converting a traditional IRA account to a Roth IRA. It’s good for economic development. But Buchen says, it doesn’t go far enough when considering 401k and IRA contribution limits.
“To the extent that our limits for what can be contributed to those are different than what the other states have it just, again, makes Wisconsin look hostile I guess to retirees, or, you know, virtually every taxpayer who is trying to save for their retirement.”
Wisconsin will revert to the old limits from 2001, limiting taxpayers to contribute $2,000 to an IRA and $7,500 to a 401k (rather than the current $5,000 and $16,500) [click to continue…]
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