Money put into a 529 grows tax-free at federal and state levels. There is no federal tax advantage for the contributions, but some states do offer tax breaks.
The law provided for a longer starting age for required minimum distributions (RMDs) to age 73, effective January 1, 2023. The starting age will jump to 75 effective January 1, 2033.
In Bass, TC Memo 2023-41, 3/27/23, the court upheld the requirement for an independent appraisal if the non-cash donation exceeds $5,000 and how that is defined.
The Internal Revenue Service Independent Office of Appeals is soliciting public input on how best to improve access to Appeals for taxpayers who do not live near an Appeals office.
Note from the Editor: We are aware of the discussions surrounding this action by the IRS, however, it is a mandate by Congress through the Inflation Reduction Act.