BACKDOOR ROTH IRA BAGGAGE
We hear it all the time. “If your income is too high for a direct Roth IRA contribution, just do a Backdoor Roth. Easy-peasy!” Not so fast, my friend. A Backdoor Roth IRA transaction is like a musclebound hotel bellhop – it can carry a lot of baggage. However, before [...]
NEW ROTH PROVISIONS EFFECTIVE IN 2024
When the bell dropped in Times Square last Sunday night, a bunch of new provisions from the SECURE 2.0 legislation kicked in. This article will focus on the Roth-related changes that are effective in 2024. 529-to-Roth IRA Rollovers Under the tax rules, if funds in a section 529 plan are [...]
SECURE 2.0 GUIDANCE HOLIDAY GIFT
On December 20, the IRS gave us the holiday gift of some guidance on a few provisions from the SECURE 2.0 Act. Notice 2024-02 is in a question-and-answer format and provides much needed clarification on SECURE 2.0 provisions, some of which are already in effect, and others which will come [...]
RETROACTIVE SOLO 401K RULES
Thinking of opening up a new solo 401k plan for 2023? Thanks to SECURE 2.0, you don’t have to rush to get it done by year-end. A solo 401(k) is an excellent retirement savings vehicle for self-employed business owners with no employees (other than their spouse). That’s because the IRS [...]
THE SECURE ACT 2.0
Here’s What It Means For You
On December 29, 2022, the SECURE 2.0 Act was signed into law. While “Son of SECURE” is not quite the game changer for IRAs that the original SECURE Act was, there are many new provisions. How will this legislation affect you and your retirement savings? Download the Guide for some highlights and effective dates.
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Steven J. Toto, CPF®
Proud Member of Ed Slott’s IRA Advisor Group
Members of Ed Slott’s Elite IRA Advisor GroupSM train with Ed Slott and his team of IRA professionals on a continuous basis. Members are immediately notified of changes to the tax code and updates on retirement planning, so you can be sure your retirement dollars are safe from unnecessary taxes and fees. Retirement planning is complicated. It is a personal and situational endeavor with possible pitfalls in the way of success. There are approximately 500 members throughout the country and Steven Toto is one of them. He is armed with current, cutting-edge IRA information to help service his clients, their families, and members of the Newtown, PA & Princeton, NJ communities. If you are interested in discussing your situation with Mr. Toto, give us a call today.
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