Updates: Tax CHANGES you MUST KNOW // Secure Act 2.0 Breakdown

In this video, I delve into the key changes brought about by Secure Act 2.0, focusing on tax and retirement plan updates for 2023 and beyond. We'll cover automatic enrollment expansion, enhanced tax credits for small employers, the Savers Match, changes in multiple employer 403b plans, and increased catch-up limits. Stay informed about these critical financial developments by watching this video, and don't forget to like, subscribe, and share for more insightful content on personal finance, retirement planning, and taxes.

Secure Act 2.0 summary for individuals and small business owners.

0:00 intro
0:34 Section 101. Expanding automatic enrollment in retirement plans
1:20 Section 102. Modification of credit for small employer pension plan startup costs
2:12 Section 103. Saver's Match, a better Saver's Credit
3:17 Section 106. Multiple Employer 403(b) plans aka MEPs
3:54 Section 107. Increased Age for Required Minimum Distributions
4:41 Section 108. Indexing IRA catch-up limits
5:02 Section 109. Higher catch-up limits for ages 60-63
5:47 Section 110. Student loan payments and workplace retirement plans
6:17 Section 113. Bribes for employees
6:54 Section 115. Emergency withdrawals and retirement plans
7:32 Section 116. Extra nonelective contributions to SIMPLE IRA
8:05 Section 117. SIMPLE IRA increased contribution limits
8:32 Section 118. SEP IRA for nannies
9:01 Section 121. Starter 401k plans
10:04 Section 125. Retirement plan eligibility for part-time workers
10:23 Section 126. 529 plans to Roth IRA
11:59 Section 127. Emergency funds and retirement plans
13:04 Section 302. Lower RMD tax on missed distributions
14:03 Section 303. Retirement account lost and found
14:25 Section 313. IRA excess contribution and RMD
15:58 Section 314. Domestic Abuse withdrawals
16:18 SEction 315. Reform of family attribution rules for retirement plans
17:31 Section 316. Retirement plan amendments after the taxable year
17:55 Section 317. Retroactive first-year elective deferrals for sole proprietors
18:47 Section 322. IRA prohibited transactions
20:02 Section 323. Substantially equal periodic payments
20:41 Section 325. Roth 401k and RMD
21:31 Section 327. Surviving spouse RMD
22:15 Section 332. Replace SIMPLE Plan mid-year
22:54 Section 333. Excess contribution additional 10% tax waived
23:48 Section 601. Roth SEP IRA and Roth SIMPLE IRA
24:12 Section 603. Roth Catch-up contributions for $145,000 income plus
24:42 Section 604. Employer matching to Roth retirement plan

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