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If there’s anything we know about fiscal policy, it’s that it changes quickly in Congress. The most recent proposal of the Build Back Better Plan submitted on November 19 now eliminates both the regular backdoor Roth and mega-backdoor Roth tax strategies beginning in 2022 for everyone, regardless of income.

A quick recap: Currently, for individuals who don’t qualify to make a Roth contribution, the dubbed “backdoor” workaround is to contribute to a nondeductible traditional IRA, then convert those funds into a Roth IRA. For 2021, the backdoor Roth allows you to move $6,000 individually ($7,000 if you are at least age 50, and $14,000 for couples) to a Roth IRA. As for the mega-backdoor Roth, it is available to individuals who have a 401(k) which allows after-tax funds up to $58,000 to contribute to a Roth, then convert tax-free to a Roth IRA. In extreme cases? Some individuals might be able to utilize both options.

Time is of the essence: In the event this new plan proposal is set into law, it means the clock is ticking on leveraging this sweet tax strategy. If you haven’t ever taken advantage of it, this may be your last chance.