Two Holiday Lists

Wednesday, December 20, 2023

By Andy Ives, CFP®, AIF®
IRA Analyst
Follow Us on X: @theslottreport

The SECURE 2.0 Act contained over 90 sections and included numerous IRA and retirement account changes. Additionally, the legislation incorporated staggered effective dates over multiple years. Here is a list of 10 items from the Act scheduled to come on-line in 2024:

 

1.     IRA catch-up contributions will now be indexed for inflation.

2.     The QCD (qualified charitable distribution) $100,000 limit is also indexed for inflation.

3.     Matching plan contributions can be made on student loan payments.

4.     New 10% penalty exception: Emergency expenses. (For plans and IRAs. $1,000/year.)

5.     New 10% penalty exception: Employers can offer emergency savings accounts as an add-on to a work plan – like a 401(k). (For plans only. $2,500 maximum deferral.)

6.     New 10% penalty exception: Domestic abuse. (For plans and IRAs. Limited to $10,000.)

7.     Higher SIMPLE plan limits for deferrals, catch-ups and nonelective contributions.

8.     529-to-Roth IRA rollovers allowed, but with a $35,000 lifetime limit.

9.     No lifetime required minimum distributions (RMDs) on plan Roth accounts.

10.  Surviving spouse may elect to be treated as deceased spouse. (Details still to be worked out.)

 

Of course, we will write about these and other topics in future Slott Report entries. Until then, from the Ed Slott team, here is a list of 10 far-more-important things:

 

1.     Happy Holidays!

2.     Peace and Joy!

3.     Merry Christmas!

4.     Happy Hanukkah!

5.     Buon Natale!

6.     Joyous Kwanzaa!

7.     Yuletide Greetings!

8.     Mele Kalikimaka!

9.     Feliz Navidad!

10.  Season’s Greetings!

 

Thank you for reading, and all the best.

 

 

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