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Video instructions and help with filling out and completing Publication 5307

Good morning everyone this is mad city CPA and I am doing a quick video about the change in the retirement plan treatments by the tax reform for 2022 filers for the tax year 2022 so that I'm looking at the IRS Publication five three zero seven the tax reform basics for individuals and families and I'm making a video specific for retirement plans so just a quick video retirement plans in education I love them both together what we have here there's a you can no longer recharacterize a conversion from a traditional SEP or simple to a Roth IRA so in the past I know that that has been popular but now you're are prohibited from doing that you can still make tree a regular contribution made to an IRA to or to a traditional IRA as having been made to it to the other RA so you okay Ribbit's okay so a little bit of change their plan loans to an employee that leaves employment so if you terminate employment and there's an outstanding plan loan a plan sponsor may offset your account balance with the outstanding balance of the loan if a plan loan is offset you have until the due date including extensions to rollover the loan balance to an IRA or eligible retirement plan so something to consider if you if you leave employment and you have an outstanding plan loan that's something to check out Music disaster relief for retirement plans so laws enact in 2017-2022 make it easier for retirement plan participants to access the retirement plan funds recover from disaster losses incurred in federally declared disaster areas in 2022 17 and 18 so they'll waive the 10% additional tax on early distributions include a qualified hurricane distribution an income over a three-year period repay their distributions to the plan have expanded loan availability extend the loan repayment period so there are some disaster relief if you have a retirement plan you need to access that early okay so moving on to education there's these new able accounts you can contribute more to your achieving a better life experience or able account he may also rollover limited amounts from a 529 qualified tuition program account of the designated beneficiary to the able account for the destination designated beneficiary to their family member able accounts savers credit now available for contributions okay and here's one that a lot of people some people might find beneficial so 529 plans the k-12 education so one of the changes you are now allowed to use your distributions from 529 plan to be used to pay up to a total of ten thousand dollars of tuition per beneficiary regardless of the number of contributing plans each year at elementary or secondary in other words K through 12 public private or religious schools of the beneficiary's choosing so that might need to look into the official guidance but this is fantastic news for anybody it sends.