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IRA Contributions Maximum Age

2020 – 09/04 The IRS has issued guidance on certain provisions of the SECURE Act, including the repeal of the maximum age for traditional IRA contributions. The law eliminated the restriction that a taxpayer couldn’t contribute to a traditional IRA starting in the year he or she reached age 70½, even if the person continued to work. The guidance answers the question: Is a financial institution that serves as trustee for an IRA required to accept post-age 70½ contributions in 2020 or subsequent tax years? The answer: No. However, it may choose to accept post-age 70½ contributions beginning on a date after Dec. 31, 2019, as selected by the financial institution. For more information: https://bit.ly/3jPMNr1

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