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IRA Trap After Age 70 1/2

Warn your clients not to contribute to their IRAs after this age.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act eliminated the restriction that prohibited employed or self-employed taxpayers from making a tax-deductible contribution to an individual retirement account after attaining age 70½. But, this benefit comes with a catch. If a taxpayer ever makes a deductible IRA contribution during or after the year that the taxpayer attains age 70½, then for the rest of her life, the charitable gift exclusion will be reduced dollar for


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