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...
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Publication 5307 Form: What You Should Know
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