Retirement and Other Savings Accounts - New Tax Law

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on the changes to retirement accounts, education savings accounts, and ABLE accounts.

HIGHLIGHTS: 

  1. Roth IRA reconversion.

  2. Rollover of plan loans.

  3. Section 529 qualified tuition plan (QTP).

  4. Achieving a better life experience (ABLE) account.

  5. State and local taxes limitation.


CLIENTS WHO MAY BENEFIT:

  1. Taxpayers considering a Roth IRA conversion.

  2. Individuals savings for a child’s or grandchild’s education.

  3. Taxpayers with a disability that began before age 26.