Retirement tax questions

The SECURE ACT signed into law in December 2019 eliminated the age requirement for contribution to a Traditional IRA starting for 2020 contributions (does not apply to 2019 contribution even of made before April 15 2020).   There is now NO age cutoff.

 

https://www.congress.gov/bill/115th-congress/house-bill/3554

 

So if this was a 2020 Traditional IRA contribution then as long as you have the necessary taxable compensation (money that you worked for) to qualify for a IRA contribution, TurboTax was correct in allowing it reguardless of age.

 

(For a simplified explanation of the retirement changes that the SECURE ACT made, see this Fidelity article:

https://www.fidelity.com/learning-center/personal-finance/retirement/understanding-the-secure-act-an...)

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**