The SECURE 2.0 Act of 2022 was signed into law at the end of 2022. Below are some of the provisions of the new legislation:
IRAs and 401(k) Retirement Accounts: The new law increases the RMD age from 72 years old to 73 years old in 2023 for those who turn 72 years old after 2022. In 2033, the RMD age increases to 75 for those born in 1960 or later.
Roth 401(k): For Roth 401(k) owners, a required minimum distribution will no longer be required beginning in 2024. This lines up with the rule that already applies to Roth IRA account owners.
529 Plans: Funds from 529 education accounts can now be rolled over tax free to a Roth IRA if the 529 Plan account has been open for 15 years. The rollover amounts cannot exceed the annual Roth IRA contribution limits and cannot exceed a lifetime contribution limit of $35,000.