Article in Wall Street Journal
(Not All But Much of the First Part of the Article & I Restructured It With Bullet Points)
Retirement-Savings Changes You Should Know About for
2023-24
The Secure 2.0 Act has all sorts of provisions that take
effect between now and 2027. Here’s when they kick in.
By Leonard Sloane
June 2, 2023
The Secure 2.0 Act, passed in December, contains more than 90 provisions affecting retirement-savings plans, such as individual retirement accounts and 401(k) workplace plans.
Ø Only some changes are effective this year.
Ø Others will take effect in years 2024 through 2027.
Ø In 2025, for example, limits on catch-up contributions to 401(k)s and Simple IRAs will be increased.
Ø In 2026, ABLE plans, a tax-advantaged plan for disabled people, will raise the age of disability onset to 46 from 26.
Ø In 2027, a new program for low-income individuals called Saver’s Match, will offer a match by the Federal government of 50% of contributions to an IRA or 401(k) up to $2,000 a year.
Ø Still other changes won’t apply for as long as a decade.
It’s actually worse than the article warns us about. Notice
at the top of the article it says, “Provisions that take effect between now and
2027” however the last
bullet about says, “Other changes won’t apply for as long as a decade”.
It sounds to Fella that the confusing changes are designed to go on until
2033 and the confusion is designed to go on forever.
************
I have blogged in the past about the sheer number of laws passed by our rulers. I contended there is no way we can comply with all of them because...There’s Too Many.
In the greatest western ever made Joey says to Shane, “But Shane, there’s too many!” Little did we know at the time that Joey was not talking about Bad Guys but he was alarmed about Future Tax Provisions?
In the future (as in the past) these kinds of conversations will be taking place between Confused Tax Payers and Know It All IRS Agents...
Ø Know It All IRS Agent: “Because you have not complied with the Secure 2.0 Act, passed in December of 2022, you are here by fined $52,522 Tax Penalty plus Back Taxes”.
Ø Confused Tax Payer: “But I had no idea I was not paying what I rightfully owe to my rulers as their justifiable reward for passing all these taxes on my behalf”.
Ø Know It All IRS Agent: “Ignorance of the law is no excuse beside we gave you 10 years notice to get your tax house in order”.
Ø Confused Tax Payer: “But, Shane, there’s too many!...Pardon me but I just love Shane the greatest western ever made...I tried to comply. I spent many nights reading all about tax law when I could have been watching Shane but I can’t keep up with all the changing provisions of the Tax Laws!”
Ø Know It All IRS Agent: “You should have had a CPA doing your taxes.”
Ø Confused Tax Payer: “I did have a CPA but he committed suicide a year ago by slitting his wrist and writing in his own blood on the floor, “I can’t keep up. There’s too many...”
My Dear Readers, you are thinking I made this up but I contend, even though I did make it up, it is actually an almost certain prediction of many such awful scenes that will take place in the years to come.
Would I kid u?
Smartfella
Lagniappe: In my bullet points above I said “Know It All IRS Agent”. Actually this conversation happened between the Know It All IRS Agent and his Know It All Supervisor before the Know It All IRS Agent left the safety of IRS Headquarters...
Ø Know It All Supervisor: Where are you packing up to go?
Ø Know It All IRS Agent: I’m going to see a dummy tax payer in Toledo about Secure 2.0 Act, passed in December of 2022. I’m going to nail him for sure!
Ø Know It All Supervisor: Have you read up on Secure 2.0 Act, passed in December of 2022?
Ø Know It All IRS Agent: No.
Ø Know It All Supervisor: What’sAMatterFaYou? Don’t you know you never head out to nail a dummy tax payer without memorizing the tax laws you are going out to nail him with?
Ø Know It All Supervisor: Change you flight and rebook it for 2 days from now. It will take you that long for certain to become a Know It All IRS Agent.
Yea, I made up this Lagniappe too...Or did I?
