SECURE Act 2, links and notes for changes

[qbteachmt]

The PSO (public safety officers) provisions are expanded and include private firefighters and corrections officers. There are many provisions that apply to 2022 and even retroactive to 2021. Example: Roth 401(k) employer match can also be to the Roth, starting for tax year 2022. You can establish a Solo 401(k) up to the due date of the return (not limited to the calendar year) for tax year 2023. RMDS are triggered at 73 yo in 2023 and moves to 75 in 2033. Roth 401(k) RMD will be eliminated in 2024. RMD penalty changes from 50% to 25% in 2023.

And of course, some details are yet to be defined.

This topic is to document the first great article I read on this:

https://www.whitecoatinvestor.com/secure-act-2-0/

If you find others, as this develops, please share.

[TaxGuyBill]

The change that I'm most interested in applying is the expansion of the "Saver's Credit" for low-to-mid-income taxpayers.  It increased the threshold for 50% by a bit (MFJ was $41,000, but now it is $48,000), plus the phase down is slower and more gradual (MFJ was totally phased out at $68,000, but now it is $83,000).

EDIT:  Oh crap, I just saw that doesn't start until 2027.  What is up with that?

SECOND EDIT:  Double crap.  I was reading an older version.  At first glance, the new law completely screwed up the Saver's Credit.

[qbteachmt]

There are so many provisions...Did you see you get a Federal Match, with the change? "It can be as much as a 50% match on the first $2,000 contributed (so, $1,000 total)"

My tax dollars at work.

[TaxGuyBill]

Deleted - My comment was wrong based on reading an older version.

[TaxGuyBill]

Deleted - My comment was wrong based on reading an older version.

[CMcCullough]

The tax credit has existed for awhile, but I thought I read it was going to be refundable with SECURE 2.0.  

[CMcCullough]

Thanks for the article link.  Seems every article has an item that I had not seen in previous articles. Hard to wrap my head around them all.  

[TaxGuyBill · Accepted solution]

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@CMcCullough wrote:

Seems every article has an item that I had not seen in previous articles. Hard to wrap my head around them all.  

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I recommend reading the table of contents for tax-related laws.  It gives you an idea for what is contained in the law.