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Post by Chahta on Dec 25, 2022 0:48:30 GMT
I just read that part of the $1.7t bill passed on 12-23-22 included the Secure Act 2.0. Can anyone verify this? It will be interesting when and how it is implemented.
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Post by yogibearbull on Dec 25, 2022 1:12:45 GMT
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Post by roi2020 on Dec 25, 2022 1:31:17 GMT
The Secure Act 2.0 passed both houses of Congress. Its provisions allow for delayed RMDs, higher catch-up contributions, no Roth 401(k) RMDs, etc.
Link
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Post by yogibearbull on Dec 25, 2022 12:49:34 GMT
I found this on LTCI premiums from tax-deferred plans from KPMG summary. However, meaning of "high-quality" LTC plan isn't clear, so we have to wait for clarification. Section 334, Long-term care contracts purchased with retirement plan distributions. Section 334 permits retirement plans to distribute up to $2,500 per year for the payment of premiums for certain specified long term care insurance contracts. Distributions from plans to pay such premiums are exempt from the additional 10 percent tax on early distributions. Only a policy that provides for high quality coverage is eligible for early distribution and waiver of the 10 percent tax. Section 334 is effective 3 years after date of enactment of this Act. assets.kpmg/content/dam/kpmg/us/pdf/2022/12/tnf-secure-act-section-by-section-dec20-2022.pdf
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Post by Deleted on Dec 25, 2022 13:36:16 GMT
I found this on LTCI premiums from tax-deferred plans from KPMG summary. However, meaning of "high-quality" LTC plan isn't clear, so we have to wait for clarification. Section 334, Long-term care contracts purchased with retirement plan distributions. Section 334 permits retirement plans to distribute up to $2,500 per year for the payment of premiums for certain specified long term care insurance contracts. Distributions from plans to pay such premiums are exempt from the additional 10 percent tax on early distributions. Only a policy that provides for high quality coverage is eligible for early distribution and waiver of the 10 percent tax. Section 334 is effective 3 years after date of enactment of this Act. assets.kpmg/content/dam/kpmg/us/pdf/2022/12/tnf-secure-act-section-by-section-dec20-2022.pdfExcellent link on a number of aspects of the Secure-Act. The complex becomes even more complex to benefit the average working person (e.g., the treasury match for IRAs of lower to moderate earners, use of fiduciaries in small business retirement plans, etc.)
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