April marks the start of Financial Literacy Month, a nationally recognized movement to promote and support financial understanding in children and teens. For many, it's a fantastic opportunity to teach and connect with their children or grandchildren...
[+] Full Article 2023 Changes to Iowa's Retirement Taxes - 03/01/23
In March of 2022 Iowa Governor Kim Reynolds signed a historic Iowa tax reform bill. One of the biggest changes from the bill is that starting in 2023, Iowans aged 55 or older are exempt from paying state taxes on retirement income...
[+] Full Article
SECURE Act 2.0 Passed in Final Days of 2022
January 1, 2023
Congress spent the final days of 2022 on new reforms designed to help Americans save more for retirement.
You may hear the changes called SECURE Act 2.0, which is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act enacted into law in late 2019.
SECURE 2.0 contains dozens of provisions, but one key change is critical to understand. Starting January 1, 2023, the age at which owners of retirement accounts must begin taking required minimum distributions (RMDs) increases to 73 years of age. And starting in 2033, RMDs may begin at age 75.
If you have already turned 72, you must continue taking distributions. But if you are turning 73 this year, we may want to revisit your approach.
We also want to take this time to remind philanthropic clients that after age 70 ½ you may still make Qualified Charitable Distributions (QCDs) directly from your IRA, up to $100,000 per year, which are exempt from taxation. Keep that in mind as you consider your charitable contributions this year.
SECURE 2.0 was tucked in the $1.7 trillion federal spending bill, so as more people become familiar with the legislation, expect more details to emerge. In the meantime, if you have any questions, don’t hesitate to call.
Additional details can be found here: Secure Act 2.0 - An Overview
Happy New Year.
Qualified Charitable Distributions SECURE Act RMD SECURE Act 2.0 Charitable Distributions QCD Required Minimum Distribution