10 Tax Law Changes You Should Definitely Know Before Filing a Return in 2020

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10. A new time limit to withdraw inherited IRAs

If you’ve inherited an individual retirement account (IRA), new laws that will take effect this year will require you to withdraw the total balance within ten years. This actually means more taxable income and less retirement savings, potentially pushing some inheritors into a higher tax bracket.

Another rule change makes it easier for American citizens to keep pumping cash into an IRA well into their traditional retirement years, removing the barrier to making contributions past the age of 70½.

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