SECURE ACT OF 2019
Congress recently passed, and the President signed into law, the SECURE Act of 2019. This new federal tax law may affect how you plan for retirement. Most of the provisions of the new law go into effect this year.
Here is a partial list of some of the important changes:
- Maximum age for contributions to traditional IRAs is repealed
- Minimum age for required distribution is raised from 70 ½ to 72
- Qualified 529 distributions expanded to include repayment of student debt
- “Kiddie tax” changes – child’s unearned income taxed at parent’s tax rate
For more information and details about how these new changes may impact you, please contact Jordan Price attorneys Margie Winfield or Terry Carlton.