Retirement plans offer a terrific opportunity for taxpayers to save for their retirement in a tax-deferred way. While several types of these plans exist, most individuals have some level of familiarity with the Individual Retirement Account (“IRA”). IRAs have limits on the allowable contributions and a schedule regarding when distributions need to begin occurring. Recently, the Biden Administration released its Fiscal Year Revenue Proposals for 2024 that contained a provision regarding preventing excessive accumulations by high-income taxpayers in such accounts. Read on to learn more.
Published courtesy of DeBruyckere Law Offices
Latest posts by Daniel DeBruyckere (with materials provided by the Academy) (see all)
- What Does the Respect for Marriage Act Mean for Estate Planning? - May 4, 2023
- What Bruce Willis Can Teach Us About Incapacity Planning - April 27, 2023
- The Intersection of Bank Failure and FDIC Insurance - April 11, 2023
