Congress has passed significant changes to retirement savings law (SECURE Act) that will affect individuals in or nearing retirement, new parents, small business owners and employees. This along with the standard tax law changes could have a major impact on estate planning. It is important to know this information.
Just a few items to take note of:
- RMD Age Change to 72
- New tax brackets for ordinary income as well as qualified dividends and long-term capital gains
- Higher standard deductions
- Changes to key provisions for popular tax credits
- Qualifications for common tax deductions
- Contribution limits and income thresholds for retirement accounts
- Increases in other tax-favored accounts for healthcare and education
- Exemptions from gift and estate tax
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