Tax Law Changes For 2024 From SECURE Act 2.0

The SECURE Act 2.0 which was passed late in 2023 introduced nearly 100 tax law changes that would take effect in the near future, with some of the most impactful starting in 2024. We're sharing the tax law changes you need to be aware of during this episode of Wise Money.
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Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Intro: (0:00)
Segment 1: (0:11)
Break 1: (10:25)
Segment 2: (14:05)
Break 2: (24:21)
Segment 3: (27:24)
Break 3: (37:41)
Segment 4 (39:19)
Outro: (49:38)

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[@J_Neighbor]

Thanks for you excellent presentation. I appreciate your coverage because I live in Southern Indiana and have a 529. And since Indiana has the best tax handling of 529 deposits, it’s important to keep up with changes in the law. My question is actually about reciprocal states for income tax purposes. One of you mentioned that you live in MI, but work in Indiana so you take advantage of the Indiana 529 tax credit. Since Indiana and Michigan have tax reciprocity, I’m wondering how you are able to do this? I have relatives who live in KY but work in Indiana, so since they pay tax to KY, they can’t take advantage of Indiana’s 529 credit - or can they?

[@WiseMoneyShow]

Great question, and the credit applies to Indiana state tax, but not Indiana county tax. The wages your relatives earn in Indiana would be subject to Indiana county tax, but not Indiana state tax. In the example referenced on the show, if you were to own a rental property or a business located in Indiana then you would be subject to state tax and therefore have tax that the credit could offset. Terribly confusing, so hopefully that makes sense! Thanks for your listenership and thoughtful question!

[@J_Neighbor]

It’s not confusing at all. In fact, I answered my own question after I thought about it that you must own property in Indiana. And thanks for the 529 credit vs. county tax. I’m not sure I was ever aware of that!

[@educatedwanderer9293]

Can I just transfer the 529 money to a savings account and pay the fee which is 10% plus income tax I think for noneducational withdrawal? Then make a contribution to my son's Roth later as long as he has earned income?