Alert! IRA Update and Review—New law! SECURE Act 2.0 - 2023
Recorded on January 11, 2023
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Setting Every Community up for Retirement Enhancement
The Consolidated Appropriations Act 2023 contains the retirement account changes we have been waiting for--get ready some go into effect in 2023.
You will also get a good review and update for the 2022-2023 tax season. We will look at the regulations on inherited IRAs and the required minimum distributions. How the IRS is reconciling the two seemingly conflicting statutes on the 10-year rule and decedents already in payout will be covered.
-Increase in age for required beginning date distributions—73 and eventually 75
-Higher Catch-up contributions for those 60, 61, 62 and 63
-Emergency distributions up to $1000 per year without 10% penalty
-RMD penalty is reduced from 50% to 25%
-Changes on excess penalty if withdrawn by tax due date
-Statute of limitations on excess contributions
-Amendments extended for CARES Act and SECURE Act
-IRS Notice explains SECURE Act changes on required minimum distributions
-IRS Notice explains inherited IRAs distributions and 10-year rule
What you will receive:
600+ IRA Handbook
Required Minimum Distributions
Questions and Answers