What SECURE Act provision affects IRAs?

Delayed age for beginning RMD’s:  The age when required minimum distributions (RMDs) from traditional IRAs must generally begin is increased from age 70½ to age 72. (Effective for distributions required in 2020 and later years)

Traditional IRA contributions at any age:  Taxpayers with eligible compensation can make traditional IRA contributions at any age. Previously, taxpayers with eligible compensation could not make traditional IRA contributions after age 70½ 

Qualified Birth or Adoption excise tax exception: A distribution from an IRA for a qualified birth or adoption of a child is exempt from the 10 percent early distribution penalty tax for distributions of up to $5000 per individual, per birth or adoption. Such distributions must occur within 12 months of the birth or adoption. 

More rapid payouts to non-spouse (and other beneficiaries): Most non-spouse beneficiaries of IRAs will generally be required to distribute inherited amounts within 10 years. (Effective for IRA owner deaths in 2020 or later years.) Exceptions include those who, at the time of the account owner’s death, are Eligible Designated Beneficiaries, such as

•  Disabled individuals
•  Certain chronically ill individuals.
•  Beneficiaries not more than 10 years younger than the account owner.
•  Minors of the decedent (they would begin a 10-year payout period upon reaching the age of majority.