In 2022 the Secure Act 2.0 was approved for implementation over the next few years. The act has several changes that are designed to greater incentivize saving toward retirement. We wanted to provide a concise breakdown to highlight the sections that will have the greatest impact on the average person. Saver's Credit Over the years a tax credit has been available for individuals that contribute money to their IRA, Roth IRA, 401(k), or ABLE account while in a lower tax bracket. The tax credit is being changed so that it is no longer a cash refund to the taxpayer, but rather a deposit into the retirement fund of the taxpayer's choosing. The credit is a 50% match up to $2,000 per individual and is phased out between $41,000 and $71,000 for married filing joint taxpayers. This change will be implemented after December 31, 2026, and the current retirement savings credit will remain in effect until then. 529 Plan to Roth IRA Conversion Starting in 2024 individuals who have maintain
This blog posts answers to questions given to us by ministers and others serving in Christian ministries advancing the gospel of Jesus Christ. It also discusses other financial topics that those in gospel ministries face. We trust the information provided can be helpful to you.