Income Ranges for Determining IRA Eligibility Change for 2021
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2021 in Notice 2020-79. Highlights of changes for 2021: The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim […]
IRS Provides Tax Inflation Adjustments for Tax Year 2021
The Internal Revenue Service announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2020-45: The Consolidated Appropriation Act for 2020 increased the amount of the […]