The Internal Revenue Service on Friday announced that it would postpone enforcement of a law that would require high-earners to exclusively allocate “catch-up” contributions to Roth-style investment accounts — rather than pre-tax accounts that confer an immediate income tax benefit.
The change in the law, inflicted by December 2022’s SECURE 2.0 Act, stipulated that, starting in 2024, 401(k) participants making catch-up contributions by virtue of being age 50 or older must put those contributions in Roth accounts if their prior-year Social Security wages were more than $145,000. Friday’s announcement means people fitting that description can allocate catch-up contributions to pre-tax […]
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