Secure Act 2.0
The Secure Act 2.0 was signed into law on December 29, 2022. Some of the provisions include:
Age increase for Required Mandatory Distributions (RMDs) from IRAs to 73 for anyone who will be 72 on or after January 1, 2023.
RMD age increases again to 75 on January 1, 2033.
The penalty if an individual fails to take RMD is reduced to 25% (10% if individual corrects within 2 years).
Beginning in 2024, Roth 401(k) owners will be eligible to skip RMDs.
Qualified Charitable Distributions (QCDs): For a few years now, individuals over 70½ have been able to use a QCD to donate up to $100,000 to qualified charities directly from an IRA. That amount will now be indexed for inflation.
Individuals are now permitted to a one-time transfer of up to $50,000
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