Buffalo, NY (WBEN) The e-filing season has begun in the tax world. Our resident tax expert says if you're e-filing, make sure your software is up to date.
Gulyas says another change affects seniors. "The required minimum distribution has been extended starting in 2020 to those age 72, so those who were going to march down to take money out of their IRA won't have to do it until they're 72," says Gulyas. "Starting in 2020, if you're older than 70 1/2, you can contribute to your IRA if you're working."
Gulyas says people who had a child can take up to $5,000 out of their 401k or IRA without being penalized.
She emphasizes doing your homework as you e-file. "Look at irs.gov to make sure you're aware of all these changes to make sure you fit into these categories, and even though it's not deductible on the federal level, if you're a New York taxpayer and you can itemize, they're still deductible on the 2019 state returns," adds Gulyas.