SECURE Act: Changes You Need to Know

2/19/2020

Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, enacted on December 20, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).

The SECURE Act made many changes to how you save money for your retirement, how you use your money in retirement, and how you can better use your Section 529 plans. Whether you are age 35 or age 75, these changes affect you.

Here are eight of the changes.

Small-Employer Automatic Contribution Tax Credit
IRA Contributions for Graduate and Postdoctoral Students
No Age Limit on Traditional IRA Contributions
No 10 Percent Penalty for Birth/Adoption Withdrawals
RMDs Start at Age 72
Open a Retirement Plan Later
Expanded Tax-Free Section 529 Plan Distributions
RMDs on Inherited Accounts

Most of these apply to any event that occurred after December 31, 2018.

This strategies allow you to start thinking about your future while optimizing your tax options. If this sounds like something you will benefit from, contact us at 262-358-8297.

0 Comments

Important Disclosures

Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

GET STARTED

Author

Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

RSS Feed

FREE Tax Tips and Updates