2024 brings a wave of changes and little-known tax planning opportunities, including new rules affecting spousal beneficiaries! Dan Vredeveld, CFP, Senior Financial Advisor of Richmond Brothers, discusses 11 changes including new ways to reduce required minimum distributions (RMDs) amongst other items to explore capitalizing on.

No time to watch? Get the Closed Captions here

• 0:05 Secure Act 2.0 tax planning opportunities
• 0:49 IRA catch up contributions indexed for inflation
• 1:35 QCD $100,000 Limit increased for inflation
• 2:15 Matching plan contributions can be made on student loan payments
• 2:43 10% early withdrawal penalty exceptions
• 3:25 Emergency expenses
• 4:27 Defined contribution retirement plans
• 5:19 Victims of domestic abuse
• 6:10 Higher SIMPLE plan limits
• 7:02 529 to Roth IRA rollovers
• 8:03 No lifetime RMDs on Roth IRA accounts
• 8:45 Surviving spouse may elect to be treated as deceased spouse
• 9:27 Plan catch up contributions for those age 50 and better – delayed by IRS

Download the Secure 2.0 effective dates from Ed Slott & Company, LLC here

Richmond Brothers, Inc. is an SEC-Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Richmond Brothers, Inc. and its representatives are properly licensed or exempted. This communication is solely for informational purposes. No advice may be rendered by Richmond Brothers, Inc. unless a client service agreement is in place.

Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information

Sources:
https://www.schwab.com/learn/story/what-to-know-about-catch-up-contributions
https://www.fidelitycharitable.org/articles/secure-act-2-0-retirement-provisions.html#:~:text=Increase%20in%20QCD%20limit%3A%20In,be%20annually%20indexed%20for%20inflation.
https://www.fidelity.com/learning-center/personal-finance/529-rollover-to-roth
https://www.fidelity.com/learning-center/personal-finance/secure-act-2
https://www.irahelp.com/slottreport/new-secure-20-10-penalty-exceptions-domestic-abuse-financial-emergencies
https://www.congress.gov/bill/117th-congress/house-bill/2954/text
https://www.thinkadvisor.com/2023/02/03/secure-2-0-adds-rmd-flexibility-for-surviving-spouses/
https://www.wolterskluwer.com/en/expert-insights/sep-and-simple-iras-and-the-secure-20-act