IMPORTANT TAX INFORMATION IMPORTANT TAX INFORMATION
Ohio Police & Fire Retirees under 65
Laura Nicklas Hine · ·
IMPORTANT UPDATED INFO ABOUT THE SECURE ACT 2.0 AND $3,000 TAX FREE DISTRIBUTION FOR FIRST RESPONDERS. PLEASE READ THIS ENTIRE POST BEFORE TRYING TO UTILIZE THIS FOR YOUR 2022 TAXES - IT APPEARS YOU CANNOT. (This post will remain in the announcements/featured post section.)
SECURE ACT 2.0 PASSED CONGRESS ON 12/27/2022 AND WAS SIGNED BY THE PRESIDENT.
WHAT DOES THIS BILL DO FOR YOU?
It makes the requirement for direct payment previously under the HELPS Act optional instead of mandatory.
SEE the Winter 2023 Member’s Report Newsletter on the OP&F website for more information on all of this.
IMPORTANT!!! WHAT IS THE EFFECTIVE DATE?
No recent sources that have been speaking about the Secure Act have mentioned the effective date. Bob Uful searched for the 1,600+ page bill and found the language on page 902. The exact language reads “this change applies ONLY to distributions made after passage of this Act.” Since the Act passed on 12/27/2022 the change would not apply (in Bob’s and my opinion) to any of the distributions made in 2022 (unless you previously set it up for Deferred Comp to send your premium directly to your insurer). Bob reached out to his tax preparer, and he shares the same opinion.
IT APPEARS THIS CHANGE IS NOT IMMEDIATE AS MANY THINK, NOR DOES IT APPEAR TO APPLY TO 2022. TALK TO YOUR TAX PREPARER TO BE SURE. It’s looking extremely unlikely that you can do this for your 2022 taxes that you are about to file, UNLESS you were having your premiums paid directly to your insurance company from Deferred Comp. (In other words, the old rules apply for 2022). However, it does appear that you will be able to take the deduction for premiums paid in 2023 when you have your taxes prepared in 2024, and once Deferred Comp issues its policy, procedures, and gets the ball rolling.
AS ALWAYS, SPEAK TO A FINANCIAL ADVISOR OR TAX PREPARER. Neither I nor Bob are offering tax advice. Ask good questions. This post is just to notify you of the effective date language, as many are assuming it is immediate and can be used for 2022.
Until Deferred Comp reviews this new Secure Act Legislation and puts their procedure in place, you’ll still have to have Deferred Comp pay your insurance provider directly. They send you a form called “Authorization for Withdrawal of Health and/or Long-Term Care Insurance Premiums for Public Safety Officers.” We will share in the group when we hear that Deferred Comp has implemented the new Secure Act legislation that passed.
One of our group members, Christian Inskeep, asked Deferred Comp about the Secure Act 2.0, and here is their reply on January 24, 2023:
Response regarding SECURE 2.0 and withdrawing funds to pay healthcare from Ohio 457 Deferred Comp below:
Thank you for writing in. The Secure Act 2.0 was passed by congress late-enough last year that we are still reviewing the legislation. There are some aspects to this new legislation that allow retirement plans to amend their plan documents and allow for changes to be made. We are still reviewing this new legislation to determine what changes have been made mandatory and what is deemed as optional changes for retirement plans to adopt. At this time, we must continue to process transfers of the type you mention below directly to the health insurance provider. However, we are actively researching this new legislation, and it is possible that future changes to our processing rules may occur. We thank you for your participation in our program, and for reaching out to us.
Sincerely,
Ohio DC
Ohio Police & Fire Retirees under 65
Laura Nicklas Hine · ·
IMPORTANT UPDATED INFO ABOUT THE SECURE ACT 2.0 AND $3,000 TAX FREE DISTRIBUTION FOR FIRST RESPONDERS. PLEASE READ THIS ENTIRE POST BEFORE TRYING TO UTILIZE THIS FOR YOUR 2022 TAXES - IT APPEARS YOU CANNOT. (This post will remain in the announcements/featured post section.)
SECURE ACT 2.0 PASSED CONGRESS ON 12/27/2022 AND WAS SIGNED BY THE PRESIDENT.
WHAT DOES THIS BILL DO FOR YOU?
It makes the requirement for direct payment previously under the HELPS Act optional instead of mandatory.
SEE the Winter 2023 Member’s Report Newsletter on the OP&F website for more information on all of this.
IMPORTANT!!! WHAT IS THE EFFECTIVE DATE?
No recent sources that have been speaking about the Secure Act have mentioned the effective date. Bob Uful searched for the 1,600+ page bill and found the language on page 902. The exact language reads “this change applies ONLY to distributions made after passage of this Act.” Since the Act passed on 12/27/2022 the change would not apply (in Bob’s and my opinion) to any of the distributions made in 2022 (unless you previously set it up for Deferred Comp to send your premium directly to your insurer). Bob reached out to his tax preparer, and he shares the same opinion.
IT APPEARS THIS CHANGE IS NOT IMMEDIATE AS MANY THINK, NOR DOES IT APPEAR TO APPLY TO 2022. TALK TO YOUR TAX PREPARER TO BE SURE. It’s looking extremely unlikely that you can do this for your 2022 taxes that you are about to file, UNLESS you were having your premiums paid directly to your insurance company from Deferred Comp. (In other words, the old rules apply for 2022). However, it does appear that you will be able to take the deduction for premiums paid in 2023 when you have your taxes prepared in 2024, and once Deferred Comp issues its policy, procedures, and gets the ball rolling.
AS ALWAYS, SPEAK TO A FINANCIAL ADVISOR OR TAX PREPARER. Neither I nor Bob are offering tax advice. Ask good questions. This post is just to notify you of the effective date language, as many are assuming it is immediate and can be used for 2022.
Until Deferred Comp reviews this new Secure Act Legislation and puts their procedure in place, you’ll still have to have Deferred Comp pay your insurance provider directly. They send you a form called “Authorization for Withdrawal of Health and/or Long-Term Care Insurance Premiums for Public Safety Officers.” We will share in the group when we hear that Deferred Comp has implemented the new Secure Act legislation that passed.
One of our group members, Christian Inskeep, asked Deferred Comp about the Secure Act 2.0, and here is their reply on January 24, 2023:
Response regarding SECURE 2.0 and withdrawing funds to pay healthcare from Ohio 457 Deferred Comp below:
Thank you for writing in. The Secure Act 2.0 was passed by congress late-enough last year that we are still reviewing the legislation. There are some aspects to this new legislation that allow retirement plans to amend their plan documents and allow for changes to be made. We are still reviewing this new legislation to determine what changes have been made mandatory and what is deemed as optional changes for retirement plans to adopt. At this time, we must continue to process transfers of the type you mention below directly to the health insurance provider. However, we are actively researching this new legislation, and it is possible that future changes to our processing rules may occur. We thank you for your participation in our program, and for reaching out to us.
Sincerely,
Ohio DC
Denny Baker & Company
·
A clean entertainment option for your upcoming event
Comedy Ventriloquist Denny Baker
https://www.youtube.com/watch?v=mWKwkWJ_D7E
.
#comedy #corporateevents #ventriloquist #companyparty
·
A clean entertainment option for your upcoming event
Comedy Ventriloquist Denny Baker
https://www.youtube.com/watch?v=mWKwkWJ_D7E
.
#comedy #corporateevents #ventriloquist #companyparty
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If you are a veteran you can register on line here and get the same prices as at a Military exchange on line. It is worth the time to register. Just follow the prompts when doing it.
https://www.shopmyexchange.com/savings-center/weekly-ads
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If you are a veteran you can register on line here and get the same prices as at a Military exchange on line. It is worth the time to register. Just follow the prompts when doing it.
https://www.shopmyexchange.com/savings-center/weekly-ads
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May want to check this web site for your medications. Will not take insurance but the prices are worth looking at if you meds are expensive
https://costplusdrugs.com/?fbclid=IwAR2IBbpoKpTuYodFHXAwkj0leYWgvyAqFfc-Mj3dY-69safBovShbPuOXas
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May want to check this web site for your medications. Will not take insurance but the prices are worth looking at if you meds are expensive
https://costplusdrugs.com/?fbclid=IwAR2IBbpoKpTuYodFHXAwkj0leYWgvyAqFfc-Mj3dY-69safBovShbPuOXas
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