The federal spending bill now awaiting a House vote would slam the door on Roth IRAs for well-off Americans and stop so-called “back-door” conversions of traditional retirement accounts into Roths. Spurred by reports of billionaires with giant tax-sheltered IRAs, the proposed changes are a move to return the Roth IRA to its middle-class origins.
If signed into law, the new rules would bar IRA contributions by individuals whose retirement accounts exceed $10 million and whose annual income exceeds $400,000. Balances above $20…
