IRS Issues 2021 Tax Year Publication 590-A

The IRS has issued the 2021 tax year Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs). This publication provides rules for contributions to Traditional and Roth IRAs, including eligibility, potential tax benefits, beneficiary considerations, IRA asset portability, and potential tax credits. Notable updates and reminders include

• Modified AGI limits for traditional and Roth IRAs for 2021 and 2022
• Qualified disaster tax relief applies to major disaster declarations, other than COVID-19, issued between January 1, 2020, and February 25, 2021, and references Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments, for more information

This publication will be reviewed further. Any findings of significance to Ascensus clients and associates will be shared.