“Our new Constitution is now established, everything seems to promise it will be durable;
but, in this world, nothing is certain except death and taxes.”

-Benjamin Franklin, Nov 13, 1789


Benjamin Franklin’s famous quote above about the certainty of Death and Taxes could easily be expanded to a 3rd certainty: that tax laws will constantly change. Our team is here working hard for you, to maximize your benefit from new tax laws and plan around ongoing tax changes.

Just in case you are thinking “Can you please just tell me what this means for me…”, we highlighted the most important details in our video. Our team will be working closely with you to make sure you are following and maximizing all the new rules.


Here are a few of the most important things you need to know:

  • If you have already started taking a Required Minimum Distribution (RMD), nothing changes in 2023 and beyond
  • If you were born in 1951, you will not need to take a RMD in 2023 and now start them in 2024
  • If you were born after 1952, your RMD will start in the year you turn 73
  • Great News: Everyone older than age 70.5 (even though not yet RMD age), can still send up to $100,000 from the IRA to any US charities, completely tax free.
  • Those ages 60-63 will get larger 401(k) “Catch Up” contribution amounts, starting in 2025
  • Those earning over $145k per year and over age 50 will have to do their 401(k) “catch up” contribution as Roth money (losing the tax deduction), starting in 2024.
  • Employer matching in 401(k) plans can now be done in Roth dollars, starting in 2024, if elected by the employee
  • Employer’s can now match student loan payment amounts with 401(k) matching contributions, helping younger people save more towards retirement
  • “Left over” 529 Education Savings money can now be rolled to the beneficiary’s Roth IRA account, under certain conditions, starting in 2024

Though the Secure ACT 1.0 was passed in 2019, the IRS recently clarified the rules on Inherited IRA accounts inherited since 2019. The new requirement is that in 2023 and beyond, you must take a minimum distribution every year and all of the funds must be distributed by the end of the 10th year.

Stay tuned for more updates on how this new law impacts you and your family as we hold our tax and financial planning meetings throughout 2023.,the%20SECURE%202.0%20Act)%2C%20and