IRA Taxes in 2020: What You Need to Know

Retirement savings seems complicated, but it doesn't have to be. Here's a simple fact: If you earn money from work, then you can open an IRA.

IRAs are useful investment vehicles to help you save for retirement, and unlike 401(k) plans, you don't have to rely on an employer to offer them. By keeping five things about IRAs in mind, you'll be able to make the most of these accounts and save money on your taxes both now and in the future.

There was no change in the IRA contribution limit for 2020 compared to last year's limits. Those who haven't yet reached age 50 can contribute a maximum of $6,000 for 2020. If you're 50 or older, then you get to claim a $1,000 catch-up contribution, for a total of $7,000.

Source Fool.com