Federal Tax

SECURE Act Guidance

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. Click here for more information. Contact Cg with questions. © 2020