The Secure Act (one of the provisions) calls for up to $5,000 of withdrawal for the birth of a child. Does California conform? The law also extends the RMD date to age 72 and allows for IRA contributions after age 70 and 1/2. Does CA Conform?
We believe California conforms to the penalty-free withdrawal treatment for the $5,000 for birth or adoption of a child and the increase in the RMD mandate age to 72. CA does not conform to the provision allowing IRA contributions after age 70 and 1/2. See our article “SECURE Act not so secure for California taxpayers” in the February 2020 issue of our California Taxletter.