Changes for Retirement Accounts and 529 Plans Under the SECURE Act
Overview
The SECURE Act of 2019 (the “Act”) has been signed into law and went into effect on January 1, 2020. It has several income tax provisions that affect individual taxpayers, including two important areas, retirement accounts and 529 college savings plans. The Act provides a good incentive to review the naming of your beneficiaries and ensure you take advantage of the tax incentives.