Posted on November 28, 2006 by Greg Herman-Giddens

10 Tax Law Changes in the Pension Protection Act

From an article by Kay Bell on Bankrate.com:

It took federal lawmakers almost two years of debate, half a dozen stabs at earlier legislation and an end-of-session deadline to finally agree on a law designed to shore up company pension plans.

But buried in the 900-plus pages of the Pension Protection Act of 2006 are several tax provisions that will benefit individuals who do their own golden years' saving.

The law also contains welcome news for folks looking for ways to cover the high cost of college. The philanthropic, however, face some new, good and not-so-good donation guidelines.

 

The new pension law primarily makes changes to retirement plans, on both corporate and individual levels.

But several provisions also provide tax breaks for, and call more tax examiner attention to, other areas that affect individual taxpayers.
Click on the title of provisions 1 through 10 for the article text.
The 10 new tax provisions
1. Automatic enrollments
2. Investment advice
3. Refunds to retirement
4. Easier rollovers to Roths
5. Permanent IRA contribution levels
6. Saving the Saver's Credit
7. Tax-free 529 distributions
8. Proving donated goods' value
9. More record keeping
10. Giving away IRA money

 

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