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529 College Savings Plan and the Expanded Use, Non-ERISA Plans and the Golden Handcuff
On this episode, Charles Musgrove and guest Taylor Hodges from Southern Capital discuss a variety of topics including:
- The 529 College Savings Plan and how the 2019 SECURE Act has expanded the use of the plan assets
- 2019 SECURE Act:
- Small business owners will receive a tax credit for establishing a retirement plan
- Additional tax credit for adopting auto enrollment
- With a few exceptions, most non-spouse beneficiaries will have 10 years to withdrawal 100% from the inherited IRA – No RMDs during 10-year window
- Will count as income to beneficiary – Shift assets to tax-free?
- Only for people who turn 70 ½ after January 1, 2020
- If beneficiary is a Trust, understand how it may effect beneficiary amounts and taxes on distributions
- Executive Benefits
- Goal for business owners is to attract, retain and reward good employees
- ERISA – 401K, SEP, ESOP
- Specialize in 8(a) – Unique planning process
- Articles
- The Hierarchy Of Tax-Preferenced Savings Vehicles For High-Income Earners:
- https://www.kitces.com/blog/hierarchy-tax-preference-savings-vehicle-roth-high-income/
- https://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets/
- https://www.kitces.com/blog/secure-act-2019-stretch-ira-rmd-effective-date-mep-auto-enrollment/
https://www.kitces.com/blog/tax-rate-equilibrium-for-retirement-taxable-income-liquidations-rothconversions/
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By Charles Musgrove
5
77 ratings
On this episode, Charles Musgrove and guest Taylor Hodges from Southern Capital discuss a variety of topics including:
- The 529 College Savings Plan and how the 2019 SECURE Act has expanded the use of the plan assets
- 2019 SECURE Act:
- Small business owners will receive a tax credit for establishing a retirement plan
- Additional tax credit for adopting auto enrollment
- With a few exceptions, most non-spouse beneficiaries will have 10 years to withdrawal 100% from the inherited IRA – No RMDs during 10-year window
- Will count as income to beneficiary – Shift assets to tax-free?
- Only for people who turn 70 ½ after January 1, 2020
- If beneficiary is a Trust, understand how it may effect beneficiary amounts and taxes on distributions
- Executive Benefits
- Goal for business owners is to attract, retain and reward good employees
- ERISA – 401K, SEP, ESOP
- Specialize in 8(a) – Unique planning process
- Articles
- The Hierarchy Of Tax-Preferenced Savings Vehicles For High-Income Earners:
- https://www.kitces.com/blog/hierarchy-tax-preference-savings-vehicle-roth-high-income/
- https://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets/
- https://www.kitces.com/blog/secure-act-2019-stretch-ira-rmd-effective-date-mep-auto-enrollment/
https://www.kitces.com/blog/tax-rate-equilibrium-for-retirement-taxable-income-liquidations-rothconversions/