The Internal Revenue Service has updated two comprehensive publications designed to help anyone making IRA contributions or receiving IRA distributions for tax year 2019 or considering making retirement donations before April 15, 2020.
The 2019 editions of Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) and Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), are both now available on IRS.gov. Both publications address the unique features of both Roth and traditional IRAs.
Most people who work can make contributions to a traditional or Roth IRA. Contributions to a traditional IRA are usually tax deductible and distributions are generally taxable. On the other hand, contributions to a Roth IRA are not tax deductible, but qualified distributions are tax-free. Taxpayers can make contributions until April 15, 2020, and count them on their 2019 tax returns.