For tax years beginning after 2019, certain taxable non-tuition fellowship and stipend payments are treated as compensation for the purpose of IRA contributions. For distributions required to be made after 2019, the age for the required beginning date for mandatory distributions is changed to age 72 for taxpayers reaching age 70½ after December 31, 2019.Ĭertain taxable non-tuition fellowship and stipend payments. For tax years beginning after 2019, the rule that you are not able to make contributions to your traditional IRA for the year in which you reach age 70½ and all later years has been repealed. Maximum age for making traditional IRA contributions repealed. For more information, see Difficulty of care payments, later.
You may be able to make additional nondeductible IRA contributions after December 20, 2019, if you received difficulty of care payments, which are a type of qualified foster care payment. You can’t make a Roth IRA contribution if your modified AGI is $10,000 or more.ĭifficulty of care payments. Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than zero. You can’t make a Roth IRA contribution if your modified AGI is $139,000 or more. Your filing status is single, head of household, or married filing separately and you didn’t live with your spouse at any time in 2020 and your modified AGI is at least $124,000. You can’t make a Roth IRA contribution if your modified AGI is $206,000 or more. Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $196,000.
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