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Federal Tax

Checkpoint Exclusive: Executive Summary of the SECURE 2.0 Act

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

Racing against a winter storm, holiday travels, and a looming exhaustion of government funds, Congress passed a voluminous omnibus (Consolidated Appropriations Act, 2023) spending bill. The Secure 2.0 Act of 2022 (SECURE 2.0, or the Act) is part of the bill.

Federal Tax Update subscribers can now access Checkpoint’s Executive Summary of the Act for an in-depth analysis of this legislation.

Among the key retirement provisions in the Act are:

  • Expanding automatic enrollment in retirement plans
  • Increasing the age for the required beginning date for mandatory distributions
  • A higher catch-up limit to apply at age 60, 61, 62, and 63
  • The elimination of the additional tax on corrective distributions of excess contributions.

The Act also includes a number of smaller non-retirement tax provisions including changes to ABLE accounts under Code Sec. 529A and modifications to the rules governing charitable conservation easements under Code Sec. 170.

Note that the Secure 2.0 Act, passed by the House back in March, never made it past the Senate.

 

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