Turbotax 2020 unemployment update1/9/2024 ![]() ![]() Taxpayers who have a baby or adopt a child can withdraw up to $5,000 from an IRA or 401(k) without having to pay the 10% penalty for early withdrawals.Owners of traditional IRAs can now make contributions past the age of 70½.This change only applies to account owners who turn 70½ in 2020 or later. The beginning age for taking required minimum distributions (RMDs) rose from 70½ to 72.Here are the most significant retirement plan provisions that may affect your 2020 tax return: The Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect on January 1, 2020. Two recent pieces of legislation made changes to the tax rules for retirement savings. ![]() Changes to retirement savings rules and limits For single filers and heads of household, the additional standard deduction is $1,650. Married taxpayers age 65 or older get an additional $1,300 per person for each spouse age 65 or older.
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