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Business Strategies

What's New

New Pension Law

Here are the highlights of those tax changes.
  • Higher contribution limits for retirement plans made permanent.
  • Roth 401(k)s made permanent.
  • Saver's credit made permanent and income phase-out adjusted for inflation after 2006.
  • $500 retirement plan start-up credit for businesses made permanent.
  • AGI phase-out ranges for IRA contributions indexed for inflation.
  • Nonspouse beneficiaries allowed to roll over distributions from decedent's retirement plan.
  • Tax refunds can be directly deposited into IRAs.
  • No 10% early withdrawal penalty on early retirement plan distribution for certain military reservists and public safety employees.
  • Section 529 plans favorable tax treatment made permanent.
  • Cash donations will require bank record or written documentation from charity.
  • Charitable deduction for used clothing and household goods allowed only for items in "good" condition.
  • Certain IRA withdrawals directly donated to charity temporarily allowed tax-free

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Strange & Coats, PC; Other important tax information for your reference.
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