The recent SECURE 2.0 Act enacted by Congress has introduced a series of new strategies to help reduce burdens on taxpayers. CGA Law Firm has previously reviewed the SECURE 2.0 Act in general and highlighted some of its advantages to taxpayers. Today we will highlight a beneficial move that can help you and your college-bound children or grandchildren benefit more from their dollars. Utilizing a 529 Plan – a tax-advantaged college savings plan under IRC Section 529 – has long been a solid strategy for tax avoidance. A donor can set up a plan for college-bound family members, usually depositing… read more »
The SECURE Act and its Impact on IRAS, 401(K)S and 529 Savings Accounts
The SECURE Act On December 20, 2019 Congress passed a comprehensive governmental spending package, which included provisions creating the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Congress’s intent with the legislation was to initiate long overdue revisions to make saving for retirement accessible for more Americans. Most provisions of this important retirement legislation go into effect on January 1, 2020 and affect individual retirement accounts, 401(k) plans and 529 college savings accounts. Below are a few of the highlights of the SECURE Act: Age for required minimum distributions (RMDs) raised to 72. Americans will no longer be required to withdraw assets… read more »