Tax Law Changes

What provisions are new?

• Waiver of the 10% additional tax on early distributions for emergency personal expense distribution of as much as $1,000 beginning in 2024. The distribution may be repaid within three years from the date of distribution.
• Qualified QTP rollovers can be made to fund Roth IRAs beginning in 2024, subject to limitations. See Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), for details.
• Beginning in 2024, domestic abuse victims may distribute the lesser of $10,000 or 50% of accrued benefit from an eligible retirement plan without the 10% early distribution penalty (specific definitions and timing apply, see Publication 575). The distribution may be repaid within three years from the date of distribution.