The IRS posted an updated Publication 590-A relative to Contributions to Individual Retirement Arrangements (IRAs) for use in preparing 2019 income tax returns. The publication highlights some of the following topics in the “What’s New for 2019” section:
- Modified AGI limit for Traditional IRA contributions
- Modified AGI limit for Roth IRA contributions
- Repeal of alimony payments as inclusion in compensation
The publication also highlights these topics in the “What’s New for 2020” section:
- Modified AGI limit for Traditional IRA contributions
- Modified AGI limit for Roth IRA contributions
- Maximum age for making Traditional IRA contributions repealed
- Required minimum distributions (RMDs) postposed until 72 for those taxpayers reaching the age of 70 ½ after December 31, 2019.