Now as part of the SECURE Act that was included in the Appropriations Act of 2020, and effective for tax years beginning in 2020, individuals who otherwise qualify can make traditional IRA contributions at any age.
IRA
Congress Does Away with the Stretch IRA
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of U.S. …
New Twist Added To The IRA To Charity Provision
Explaining the new twist of the IRA to Charity provision is a bit challenging. Ever since 2006, individuals age 70½ or older have been able to transfer up to $100,000 annually from an IRA to a charity (as long as the charity qualifies). These transfers are referred to as qualified charitable distributions (QCDs). Here is …
Congress Removes IRA Contribution Age Restriction
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. Some of these changes included a number of retirement and IRA plan modifications. This article is one of a series of articles dealing with those changes and how they may affect you. In …
