Your guide to newly enacted – and proposed – changes to the tax code

Between the economic recovery from the pandemic and the new federal government, there have been many recent changes to the tax code that may have an impact on your financial plans. This page lays out articles explaining the tax changes that have already been enacted as well as proposals from the Biden administration that have not yet become law.  

What’s In and Out of the Latest Tax Proposals

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What the Inflation Reduction Act Means to You

Much of the headline news accompanying the Inflation Reduction Act of 2022, which was signed into law by President Biden in August, focused on beefing up the IRS to the tune of $80 billion. But the provisions dedicated to such things as clean energy incentives and reducing healthcare costs deserve attention as well – as do some much-discussed items that didn’t make the final bill.

Significant Changes That Have Already Been Enacted:

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Delays in RMDs from IRAs

You can now wait to take RMDs until age 72, up from 70½   (SECURE Act)

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529 Plan Changes

The plan assets can now be used for student debts and siblings (SECURE Act)

For help in sorting out how these changes may affect your financial situation, talk to your Baird Financial Advisor team.


 

Baird does not provide tax or legal advice. Please consult your legal or tax professional for specific information.

The information reflected on this page are Baird expert opinions today and are subject to change. The information provided here has not taken into consideration the investment goals or needs of any specific investor, and investors should not make any investment decisions based solely on this information. Past performance is not a guarantee of future results. All investments have some level of risk, and investors have different time horizons, goals and risk tolerances, so speak to your Baird Financial Advisor before taking action.