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SEC. 107. Repeal of maximum age for traditional IRA contributions.
(a) In general.—Paragraph (1) of section 219(d) of the Internal Revenue Code of 1986 is repealed.
(b) Coordination with qualified charitable distributions.—Add at the end of section 408(d)(8)(A) of such Code the following:“The amount of distributions not includible in gross income by reason of the preceding sentence for a taxable year (determined without regard to this sentence) shall be reduced (but not below zero) by an amount equal to the excess of—
“(i) the aggregate amount of deductions allowed to the taxpayer under section 219 for all taxable years ending on or after the date the taxpayer attains age 70½, over
“(ii) the aggregate amount of reductions under this sentence for all taxable years preceding the current taxable year.”.
(c) Conforming amendment.—Subsection (c) of section 408A of the Internal Revenue Code of 1986 is amended by striking paragraph (4) and by redesignating paragraphs (5), (6), and (7) as paragraphs (4), (5), and (6), respectively.
(d) Effective date.—
(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to contributions made for taxable years beginning after December 31, 2019.
(2) SUBSECTION (b).—The amendment made by subsection (b) shall apply to distributions made for taxable years beginning after December 31, 2019.
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