{"id":4269,"date":"2023-02-15T12:04:35","date_gmt":"2023-02-15T16:04:35","guid":{"rendered":"https:\/\/www.frazierfinancial.com\/?p=4269"},"modified":"2024-02-20T14:57:49","modified_gmt":"2024-02-20T18:57:49","slug":"secure-act-2-0","status":"publish","type":"post","link":"https:\/\/www.frazierfinancial.com\/secure-act-2-0\/","title":{"rendered":"Secure Act 2.0"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"171\" src=\"https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-6-1024x171.png\" alt=\"\" class=\"wp-image-4361\" style=\"width:1395px;height:232px\" srcset=\"https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-6-1024x171.png 1024w, https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-6-300x50.png 300w, https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-6-768x128.png 768w, https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-6.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center has-x-large-font-size\"><strong>SECURE ACT 2.0 &#8211; RMD&#8217;S CHANGE (AGAIN) AND MORE<\/strong><\/p>\n\n\n\n<p>                                                                           <\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>\u201cOur new Constitution is now established, everything seems to promise it will be durable; <br>but, in this world, nothing is certain except death and taxes.\u201d<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center\">-Benjamin Franklin, Nov 13, 1789<\/p>\n\n\n\n<p><strong>OVERVIEW<\/strong><\/p>\n\n\n\n<p>Benjamin Franklin\u2019s 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. <\/p>\n\n\n\n<p>Just in case you are thinking \u201cCan you please just tell me what this means for me\u2026\u201d, 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.<\/p>\n\n\n\n<p><strong>WHAT DO I NEED TO KNOW?<\/strong><\/p>\n\n\n\n<p>Here are a few of the most important things you need to know: <\/p>\n\n\n\n<ul>\n<li>If you have already started taking a Required Minimum Distribution (RMD), nothing changes in 2023 and beyond<\/li>\n\n\n\n<li>If you were born in 1951, you will not need to take a RMD in 2023 and now start them in 2024<\/li>\n\n\n\n<li>If you were born after 1952, your RMD will start in the year you turn 73<\/li>\n\n\n\n<li>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.<\/li>\n\n\n\n<li>Those ages 60-63 will get larger 401(k) \u201cCatch Up\u201d contribution amounts, starting in 2025<\/li>\n\n\n\n<li>Those earning over $145k per year and over age 50 will have to do their 401(k) \u201ccatch up\u201d contribution as Roth money (losing the tax deduction), starting in 2024.<\/li>\n\n\n\n<li>Employer matching in 401(k) plans can now be done in Roth dollars, starting in 2024, if elected by the employee<\/li>\n\n\n\n<li>Employer\u2019s can now match student loan payment amounts with 401(k) matching contributions, helping younger people save more towards retirement<\/li>\n\n\n\n<li>\u201cLeft over\u201d 529 Education Savings money can now be rolled to the beneficiary\u2019s Roth IRA account, under certain conditions, starting in 2024<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.irs.gov\/forms-pubs\/secure-20-act-changes-affecting-amounts-reported-on-the-2023-forms-w-2-w-2as-w-2gu-and-w-2vi#:~:text=The%20SECURE%202.0%20Act%20allows,the%20SECURE%202.0%20Act)%2C%20and\" target=\"_blank\" rel=\"noopener\">https:\/\/www.irs.gov\/forms-pubs\/secure-20-act-changes-affecting-amounts-reported-on-the-2023-forms-w-2-w-2as-w-2gu-and-w-2vi#:~:text=The%20SECURE%202.0%20Act%20allows,the%20SECURE%202.0%20Act)%2C%20and<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"171\" src=\"https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-5-1024x171.png\" alt=\"\" class=\"wp-image-4360\" style=\"width:1408px;height:236px\" srcset=\"https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-5-1024x171.png 1024w, https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-5-300x50.png 300w, https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-5-768x128.png 768w, https:\/\/www.frazierfinancial.com\/wp-content\/uploads\/2023\/03\/header-5.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>SECURE ACT 2.0 &#8211; RMD&#8217;S CHANGE (AGAIN) AND MORE \u201cOur new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes.\u201d -Benjamin Franklin, Nov 13, 1789 OVERVIEW Benjamin Franklin\u2019s famous quote above about the certainty of Death and Taxes could easily be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4380,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/posts\/4269"}],"collection":[{"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/comments?post=4269"}],"version-history":[{"count":14,"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/posts\/4269\/revisions"}],"predecessor-version":[{"id":4991,"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/posts\/4269\/revisions\/4991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/media\/4380"}],"wp:attachment":[{"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/media?parent=4269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/categories?post=4269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.frazierfinancial.com\/wp-json\/wp\/v2\/tags?post=4269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}