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Retirement Account Takeaways from the One Big Beautiful Bill Act
On July 4, 2025, President Trump signed into law the “One Big Beautiful Bill Act” (OBBBA). The Bill includes many domestic policy and tax law changes. How will it affect your retirement savings?
Here are three key takeaways:
1. The OBBBA allows Roth IRA conversions to continue.
The reason is the need for revenue. Congress has turned to Roth accounts in search of new revenue sources to help balance the budget. Roth accounts are after-tax accounts and thus provide immediate revenue.
In 2017 during the tax reform debate, a proposal was made to increase revenue by pushing savers towards nondeductible Roth 401(k)s. This trend continued with SECURE 2.0 Act which now allows broader use of Roth-type plan accounts such as Roth SEP and SIMPLE IRA plans, and employer Roth 401(k) contributions. Also, beginning in 2026, 401(k) catch-up contributions must go to Roth 401(k)s when company wages exceed $145,000 in the prior year.
2. Conversion opportunities are extended.
For individuals who are contemplating Roth IRA conversions, OBBBA has removed a pending deadline. The 2017 Tax Cuts and Jobs Act’s lower tax rates were scheduled to sunset at the end of 2025. By eliminating this deadline and extending these rates into the future, OBBBA has opened the door to conversions in future years at today’s low tax rates. Also, OBBBA includes several new tax deductions (SALT, tips and overtime, universal charitable) that can be leveraged to lower the tax bill on a conversion.
3. Planning with tax deferred accounts is paramount.
Many of the new tax breaks that are part of OBBBA come with income limits. Strategic planning with tax-advantaged accounts is one way to reduce income and thus preserve a deduction that otherwise would be lost.
Your Ingalls & Snyder advisor has the expertise to advise you on these complex issues. We look forward to planning with you.
The material is not to be reproduced or distributed to others without Ingalls & Snyder, LLC’s (“Ingalls” or the “Firm”) express written consent. This material is being provided for informational purposes and any opinions expressed in this material are only opinions at the time of writing. Nothing provided by Ingalls should be considered tax or legal advice, and clients should seek advice from their tax and legal professionals. Bridgehampton is a team at Ingalls & Snyder, LLC, an investment advisor registered with the Securities & Exchange Commission and a FINRA member broker dealer. More information including the firm’s Form ADV Brochure and Form CRS can be found at https://www.ingalls.net/importantinformation.
Ingalls & Snyder is a registered investment advisor and broker-dealer based in New York City. We provide investment management and related services to private clients and institutional investors.
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