Good morning, everyone. This is Mad City CPA, and I am doing a quick video about the changes in retirement plan treatments by the tax reform for 2019 filers for the tax year 2018. I am referring to the IRS Publication 5307, which covers the tax reform basics for individuals and families. Specifically, I am making a video focusing on retirement plans and education. I personally love both aspects. Now, let's dive into the details. One major change is that you can no longer recharacterize a conversion from a traditional SEP or simple IRA to a Roth IRA. This was a popular practice in the past, but now it is prohibited. However, you can still make a regular contribution to either an IRA or a traditional IRA and consider it made to the other. Another important point to note is regarding plan loans to employees who leave employment. If you terminate your employment and have an outstanding plan loan, the plan sponsor may offset your account balance with the outstanding loan balance. If a plan loan is offset, you have until the due date, including extensions, to rollover the loan balance to an IRA or an eligible retirement plan. This is something to consider if you leave employment with an outstanding plan loan. Now, let's talk about disaster relief for retirement plans. Laws enacted in 2017 and 2018 have made it easier for retirement plan participants to access their funds in the event of disaster losses incurred in federally declared disaster areas in 2016, 2017, and 2018. These relief measures include waiving the 10% additional tax on early distributions, allowing qualified hurricane distributions to be included in income over a three-year period, and providing options to repay the distributions to the plan. Loan availability has also been expanded, and the loan...
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Publication 5307 Form: What You Should Know
Here, we will explore its key How Payroll Taxes Work in Every State One of the most common questions we get is, “How do I know how much Social Security I need to pay?” In this blog post, we provide answers to those questions and provide suggestions for what you can do to help your employees pay their taxes.
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