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Publications 590-A, Contributions to Individual Retirement Accounts

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Userid: CPM Schema: tipx Leadpct: 95% Pt. size: 10 Draft Ok to Print AH XSL/XML Fileid: … ions/P590A/2020/A/XML/Cycle04/source (Init. & Date) _______ Page 1 of 60 12:00 - 26-Feb-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Department of the Treasury Contents Internal Revenue Service What's New for 2020 ........................ 1 Publication 590-A What’s New for 2021 ....................... 2 Cat. No. 66302J Reminders ............................... 2 Introduction .............................. 3 Contributions Chapter 1. Traditional IRAs .................. 6 Who Can Open a Traditional IRA? ............ 6 When Can a Traditional IRA Be Opened? ....... 7 to Individual How Can a Traditional IRA Be Opened? ........ 7 How Much Can Be Contributed? ............. 8 Retirement When Can Contributions Be Made? .......... 10 How Much Can You Deduct? ............... 10 What if You Inherit an IRA? ................ 20 Arrangements Can You Move Retirement Plan Assets? ...... 20 When Can You Withdraw or Use Assets? ...... 29 (IRAs) What Acts Result in Penalties or Additional Taxes? ............................ 31 For use in preparing Chapter 2. Roth IRAs ..................... 37 What Is a Roth IRA? ..................... 38 2020 Returns When Can a Roth IRA Be Opened? .......... 38 Can You Contribute to a Roth IRA? .......... 38 Can You Move Amounts Into a Roth IRA? ...... 43 Chapter 3. Retirement Savings Contributions Credit (Saver's Credit) .................. 45 How To Get Tax Help ...................... 46 Appendices ............................. 50 Index .................................. 58 What's New for 2020 Coronavirus-related tax relief. Recent legislation pro- vides for tax-favored withdrawals from IRAs for certain in- dividuals who were impacted by the coronavirus in 2020. See Coronavirus Relief in Publication 590-B, Distributions from Individual Retirement Accounts (IRAs), for more in- formation. Contribution deadline extension. The 2019 traditional and Roth IRA contribution deadline was extended to July 15, 2020. Modified AGI limit for traditional IRA contributions. For 2020, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is re- duced (phased out) if your modified AGI is: • More than $104,000 but less than $124,000 for a mar- ried couple filing a joint return or a qualifying widow(er), • More than $65,000 but less than $75,000 for a single individual or head of household, or • Less than $10,000 for a married individual filing a sep- arate return. Feb 26, 2021 Page 2 of 60 Fileid: … ions/P590A/2020/A/XML/Cycle04/source 12:00 - 26-Feb-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Modified AGI limit for certain married individuals. • Less than $10,000 for a married individual filing a sep- If you are married and your spouse is covered by a retire- arate return. ment plan at work and you aren’t, and you live with your spouse or file a joint return, your deduction is phased out if Modified AGI limit for certain married individuals your modified AGI is more than $196,000 (up from increased. If you are married and your spouse is cov- $193,000 for 2019) but less than $206,000 (up from ered by a retirement plan at work and you aren’t, and you $203,000 for 2019). If your modified AGI is $206,000 or live with your spouse or file a joint return, your deduction more, you can’t take a deduction for contributions to a tra- is phased out if your modified AGI is more than $198,000 ditional IRA. (up from $196,000 for 2020) but less than $208,000 (up Modified AGI limit for Roth IRA contributions. For from $206,000 for 2020). If your modified AGI is $208,000 2020, your Roth IRA contribution limit is reduced (phased or more, you can’t take a deduction for contributions to a out) in the following situations. traditional IRA. Modified AGI limit for Roth IRA contributions in- Your filing status is married filing jointly or qualifying • creased. For 2021, your Roth IRA contribution limit is re- widow(er) and your modified AGI is at least $196,000. duced (phased out) in the following situations. You can’t make a Roth IRA contribution if your modi- fied AGI is $206,000 or more. • Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $198,000. Your filing status is single, head of household, or mar- • You can’t make a Roth IRA contribution if your modi- ried filing separately and you didn’t live with your fied AGI is $208,000 or more. spouse at any time in 2020 and your modified AGI is at least $124,000. You can’t make a Roth IRA contri- • Your filing status is single, head of household, or mar- bution if your modified AGI is $139,000 or more. ried filing separately and you didn’t live with your spouse at any time in 2021 and your modified AGI is Your filing status is married filing separately, you lived • at least $125,000. You can’t make a Roth IRA contri- with your spouse at any time during the year, and your bution if your modified AGI is $140,000 or more. modified AGI is more than zero. You can’t make a Roth IRA contribution if your modified AGI is $10,000 • Your filing status is married filing separately, you lived or more. with your spouse at any time during the year, and your Difficulty of care payments. You may be able to make modified AGI is more than zero. You can’t make a additional nondeductible IRA contributions after Decem- Roth IRA contribution if your modified AGI is $10,000 ber 20, 2019, if you received difficulty of care payments, or more. which are a type of qualified foster care payment. For more information, see Difficulty of care payments, later. Maximum age for making traditional IRA contribu- Reminders tions repealed. For tax years beginning after 2019, the rule that you are not able to make contributions to your tra- Future developments. For the latest information about ditional IRA for the year in which you reach age 70½ and developments related to Pub. 590-A, such as legislation all later years has been repealed. enacted after it was published, go to IRS.gov/Pub590A. Required minimum distributions (RMDs). For distribu- Divorce or separation instruments after 2018. tions required to be made after 2019, the age for the re- Amounts paid as alimony or separate maintenance pay- quired beginning date for mandatory distributions is ments under a divorce or separation instrument executed changed to age 72 for taxpayers reaching age 70½ after after 2018 won't be deductible by the payer. Such December 31, 2019. amounts also won't be includible in the income of the re- Certain taxable non-tuition fellowship and stipend cipient. The same is true of alimony paid under a divorce payments. For tax years beginning after 2019, certain or separation instrument executed before 2019 and modi- taxable non-tuition fellowship and stipend payments are fied after 2018, if the modification expressly states that the treated as compensation for the purpose of IRA contribu- alimony isn't deductible to the payer or includible in the in- tions. Compensation will include any amount included in come of the recipient. For more information, see Pub. 504. your gross income and paid to aid in your pursuit of gradu- Qualified disaster tax relief. Special rules provide for ate or postdoctoral study. tax-favored withdrawals and repayments from certain re- tirement plans for taxpayers who suffered economic los- ses as a result of Hurricane Harvey, Tropical Storm Har- vey, Hurricane Irma, Hurricane Maria, or the 2017 What’s New for 2021 California wildfires and certain major disasters that occur- Modified AGI limit for traditional IRA contributions in- red in 2018, 2019, and early 2020. For more information, creased. For 2021, if you are covered by a retirement see Form 8915-B (for qualified 2017 disasters), Form plan at work, your deduction for contributions to a tradi- 8915-C (for qualified 2018 disasters), Form 8915-D (for tional IRA is reduced (phased out) if your modified AGI is: qualified 2019 disasters), and Form 8915-E (Use for Coro- navirus-Related and Other Qualified 2020 Disaster Distri- • More than $105,000 but less than $125,000 for a mar- butions). ried couple filing a joint return or a qualifying Disaster tax relief is also available for taxpayers who widow(er), suffered economic losses as a result of disasters declared • More than $66,000 but less than $76,000 for a single by the President under section 401 of the Robert T. Staf- individual or head of household, or ford Disaster Relief and Emergency Assistance Act during Page 2 Publication 590-A (2020) Page 3 of 60 Fileid: … ions/P590A/2020/A/XML/Cycle04/source 12:00 - 26-Feb-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. calendar year 2016. See the Instructions for Form 8915-A, • Contributing to an IRA, Qualified 2016 Disaster Retirement Plan Distributions and Transferring money or property to and from an IRA, Repayments, for more information on these provisions. • and IRAs and unrelated business income. An IRA is sub- ject to tax on unrelated business income if it carries on an • Taking a credit for contributions to an IRA. unrelated trade or business. An unrelated trade or busi- It also explains the penalties and additional taxes that ness means any trade or business regularly carried on by apply when the rules aren’t followed.
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