June 2, 2020
Included in the 2020 Appropriations legislation passed last December was the SECURE Act. Included in the SECURE Act were changes that will affect individual retirement accounts (IRA) beginning in 2020.
Here are some of the key changes:
For tax years beginning in 2020 an individual may make contributions to a traditional IRA after reaching age 70 ½ .
For individuals who reach 70 ½ after 2019 they will not have to begin taking a required distribution until they become 72.
If an individual turned 70 ½ before 2020 they still would have to begin taking a required distribution when they reached 70 ½.
Starting in 2020 distributions prior to age 59 ½ of up to $5,000 from a retirement plan that are used to pay expenses for child birth or adoption will not be subject to the 10% early distribution penalty.
Provided an individual has earned income they can make a contribution to a traditional IRA after they reach 70 ½.
For more information see the following on the IRS website:
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SECURE Act Retirement Account Changes
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