In Notice 2023-62, the IRS addressed a technical error in the SECURE 2.0 Act that wouldn’t have allowed catch-up contributions to 401(k)s and similar plans after 2023. Generally, taxpayers age 50 or older can make these additional contributions. When Congress included a requirement in SECURE 2.0 that certain higher-income taxpayers make catch-up contributions only to Roth accounts, it inadvertently left out language needed to allow any catch-up contributions to such plans, whether pre-tax or Roth and regardless of income. The notice clarifies that catch-up contributions can be made after 2023. (It also pushes out the Roth requirement until 2026.) Read Notice 2023-62: https://bit.ly/44sJTiL
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