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Daniel R. Cuddy, CPA, CFP®
Personal Financial Representative
Cuddy Financial Services
7 William Street
Auburn, NY 13021
Phone: 315-252-3600
Fax: 315-252-3625
Email: dcuddy@cuddyfinancial.com
2023 Tax Planning Guide
Introduction to the SECURE 2.0 Act
CONGRESS PASSES NEW TAX LEGISLATION STARTING IN 2023.
MORE SECURITY FOR INDIVIDUALS
The SECURE Act 2.0 builds on the original Secure Act, passed in December 2019, to expand a number of tax breaks. The new legislation expands on a wide array of retirement plan features for retirement plan participants. They include:- Raising the age for retirement plan distributions;
- Indexing the maximum annual catch-up contributions to IRAs older Americans can make;
- Adding new allowable reasons to take emergency, penalty-free distributions;
- Allowing tax-free rollovers from 529 college savings plans to Roth IRAs, subject to restrictions;
- Reducing the hours worked to qualify part-time workers to participate in retirement plans.
FLEXIBILITY FOR PLAN SPONSORS
Additionally, businesses with qualified retirement plans and those interested in establishing one will notice a few incentives. They include:- An easier path to allowing annuities as an income option;
- An increase in the credit small employers get for starting up a plan;
- Two new types of plans: a starter 401(k) deferral-only arrangement and a safe-harbor 403(b) plan;
- Reduced penalties and some liberalization of corrective measures governing various plan features.
Changes will take place over the next one to three years. Various federal agencies are expected to issue final guidance regarding some of these changes, so the specifics could vary during the course of 2023.
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Cuddy Financial Services and LTM Client Marketing are unrelated companies. This guide was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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