In the past, working seniors age 70½ or older were not allowed to make IRA contributions. Due to enactment of the SECURE Act, the age cap has been lifted for 2020 and beyond. But those who attained this age in 2019 can’t make an IRA contribution for that year, even though the deadline for 2019 contributions is in 2020…April 15, 2020. And, unchanged by the new law, modified adjusted gross income may limit or bar an IRA deduction for someone who is an active participant in a qualified retirement plan.
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