law change conbtribution to Traditional IRA

Pencil · ‎February 23, 2020

DianeC958 · ‎February 23, 2020

One of the changes in the law about contributions to IRA accounts is for 2019 you can contribute $6,000 if you are under 50 years old and for those over 50 they can contribute $7,000. This increased $500 from the amounts allowed for 2018.

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dmertz · ‎February 23, 2020

There are no recent law changes that affect IRA contributions for 2019. The law is the same for 2019 as it was for 2018. The changes enacted by the SECURE Act, apply to 2020 and beyond. The increase in the contribution limit for 2019 is the result of existing law.

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law change conbtribution to Traditional IRA