Castleford, England - September 9, 2011: Close up of Internal Revenue Service (IRS) main page on the web browser. IRS is a United States government agency tasked with collecting yearly state and income tax from working residents and businesses.

IRS addresses unique features of Roth and traditional IRAs on website

Your members could very well be among the 49% of Americans who are worried about running out of money during retirement. It might be helpful for them to know 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.

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 and both address the unique features of both Roth and traditional IRAs.

According to the IRS website, 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, and count them on their 2019 tax returns.

Publication 590-A explains the rules for contributing to an IRA, with examples and worksheets illustrating how to correctly figure the contribution and deduction limits. Other topics covered include rollovers, trustee-to-trustee transfers and what to do if too much is contributed to an IRA.

Publication 590-B explains how to correctly figure required minimum distributions (RMDs) from traditional IRAs. In 2019, the RMD rules generally apply to anyone born before July 1, 1949. Those who turned 70½ during 2019 can choose to wait until April 1, 2020, to take their first RMD.

For those planning ahead for 2020 and future years, legislation enacted in December made several changes affecting IRAs and other retirement plans. One change generally allows those born after June 30, 1949, to wait until they turn 72 to begin taking distributions from their traditional IRAs. Another allows those 70½ or older to make contributions to traditional IRAs.

For details, visit or see fact sheet FS-2020-4, also available on

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The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

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