Tax Law Changes For 2024 From SECURE Act 2.0

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  • Опубліковано 6 жов 2024

КОМЕНТАРІ • 15

  • @vilasaojose6703
    @vilasaojose6703 11 місяців тому +14

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      @StevenBolt-qs2rb 11 місяців тому

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      @felipeneto4203 11 місяців тому

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      @sky9935 11 місяців тому +1

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  • @J_Neighbor
    @J_Neighbor 11 місяців тому

    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
      @WiseMoneyShow  11 місяців тому

      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
      @J_Neighbor 11 місяців тому

      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
    @educatedwanderer9293 11 місяців тому

    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?