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Publication 590-A – Introductory Material

Modified AGI limit for traditional IRA contributions. For 2021, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:

More than $105,000 but less than $125,000 for a married couple filing a joint return or a qualifying widow(er),

More than $66,000 but less than $76,000 for a single individual or head of household, or

Less than $10,000 for a married individual filing a separate return.

Modified AGI limit for certain married individuals.

If you are married and your spouse is covered by a retirement plan at work and you aren’t, and you live with your spouse or file a joint return, your deduction is phased out if your modified AGI is more than $198,000 (up from $196,000 for 2020) but less than $208,000 (up from $206,000 for 2020). If your modified AGI is $208,000 or more, you can’t take a deduction for contributions to a traditional IRA.

Modified AGI limit for Roth IRA contributions. For 2021, your Roth IRA contribution limit is reduced (phased out) in the following situations.

Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $198,000. You can’t make a Roth IRA contribution if your modified AGI is $208,000 or more.

Your filing status is single, head of household, or married filing separately and you didn’t live with your spouse at any time in 2021 and your modified AGI is at least $125,000. You can’t make a Roth IRA contribution if your modified AGI is $140,000 or more.

Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than zero. You can’t make a Roth IRA contribution if your modified AGI is $10,000 or more.

What’s New for 2022

Modified AGI limit for traditional IRA contributions increased. For 2022, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:

More than $109,000 but less than $129,000 for a married couple filing a joint return or a qualifying widow(er),

More than $68,000 but less than $78,000 for a single individual or head of household, or

Less than $10,000 for a married individual filing a separate return.

Modified AGI limit for certain married individuals increased.

If you are married and your spouse is covered by a retirement plan at work and you aren’t, and you live with your spouse or file a joint return, your deduction is phased out if your modified AGI is more than $204,000 (up from $198,000 for 2021) but less than $214,000 (up from $208,000 for 2021). If your modified AGI is $214,000 or more, you can’t take a deduction for contributions to a traditional IRA.

Modified AGI limit for Roth IRA contributions increased. For 2022, your Roth IRA contribution limit is reduced (phased out) in the following situations.

Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $204,000. You can’t make a Roth IRA contribution if your modified AGI is $214,000 or more.

Your filing status is single, head of household, or married filing separately and you didn’t live with your spouse at any time in 2022 and your modified AGI is at least $129,000. You can’t make a Roth IRA contribution if your modified AGI is $144,000 or more.

Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than zero. You can’t make a Roth IRA contribution if your modified AGI is $10,000 or more.

Reminders

Future developments. For the latest information about developments related to Pub. 590-A, such as legislation enacted after it was published, go to IRS.gov/Pub590A.

Divorce or separation instruments after 2018. Amounts paid as alimony or separate maintenance payments under a divorce or separation instrument executed after 2018 won’t be deductible by the payer. Such amounts also won’t be includible in the income of the recipient. The same is true of alimony paid under a divorce or separation instrument executed before 2019 and modified after 2018, if the modification expressly states that the alimony isn’t deductible to the payer or includible in the income of the recipient. For more information, see Pub. 504.

Qualified disaster tax relief. Special rules provide for tax-favored withdrawals and repayments from certain retirement plans for taxpayers who suffered an economic loss as a result of a qualified disaster. A qualified disaster includes a major disaster that was declared by Presidential Declaration that is dated between January 1, 2020, and up to February 25, 2021. However, in order to qualify under the latest legislation, the major disaster must have an incident period beginning between December 28, 2019, and up to December 27, 2020. Also, a qualified disaster loss does not include any disaster which has been declared only by reason of COVID-19. See Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments, for more information.

Difficulty of care payments. You may be able to make additional nondeductible IRA contributions after December 20, 2019, if you received difficulty of care payments, which are a type of qualified foster care payment. For more information, see Difficulty of care payments , later.

Maximum age for making traditional IRA contributions repealed. For tax years beginning after 2019, the rule that you are not able to make contributions to your traditional IRA for the year in which you reach age 70½ and all later years has been repealed.

Required minimum distributions (RMDs). For distributions required to be made after 2019, the age for the required beginning date for mandatory distributions is changed to age 72 for taxpayers reaching age 70½ after December 31, 2019.

Taxable non-tuition fellowship and stipend payments. For tax years beginning after 2019, taxable non-tuition fellowship and stipend payments are treated as taxable compensation for the purpose of IRA contributions. These will include any amounts included in your gross income and paid to you to aid you in the pursuit of graduate or postdoctoral study. For more information, see Wages, salaries, etc. , later.

IRAs and unrelated business income. An IRA is subject to tax on unrelated business income if it carries on an unrelated trade or business. An unrelated trade or business means any trade or business regularly carried on by the IRA or by a partnership of which it is a member. For more information, see Unrelated business income under What Acts Result in Penalties or Additional Taxes , later.

IRA interest. Although interest earned from your IRA is generally not taxed in the year earned, it isn’t tax-exempt interest. Tax on your traditional IRA is generally deferred until you take a distribution. Don’t report this interest on your return as tax-exempt interest. For more information on tax-exempt interest, see the instructions for your tax return.

Extended rollover period for qualified plan loan offsets in 2018 or later. For distributions made in tax years beginning after December 31, 2017, you have until the due date (including extensions) for your tax return for the tax year in which the offset occurs to roll over a qualified plan loan offset amount. For more information, see Time Limit for Making a Rollover Contribution in chapter 1.

No recharacterizations of conversions made in 2018 or later. A conversion of a traditional IRA to a Roth IRA, and a rollover from any other eligible retirement plan to a Roth IRA, made after December 31, 2017, cannot be recharacterized as having been made to a traditional IRA. For more information, see Recharacterizations in chapter 1.

Photographs of missing children. The IRS is a proud partner with the National Center for Missing & Exploited Children® (NCMEC). Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.

Introduction

This publication discusses contributions to individual retirement arrangements (IRAs). An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. For information about distributions (including rollovers) from an IRA, see Pub. 590-B.

What are some tax advantages of an IRA?

Two tax advantages of an IRA are that:

Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances; and

Generally, amounts in your IRA (including earnings and gains) aren’t taxed until distributed. In some cases, amounts aren’t taxed at all if distributed according to the rules.

What’s in this publication?

This publication discusses contributions to traditional and Roth IRAs. It explains the rules for:

Setting up an IRA,

Contributing to an IRA,

Transferring money or property to and from an IRA, and

Taking a credit for contributions to an IRA.

It also explains the penalties and additional taxes that apply when the rules aren’t followed. To assist you in complying with the tax rules for IRAs, this publication contains worksheets and sample forms which can be found throughout the publication and in the appendices at the back of the publication.

How to use this publication.

The rules that you must follow depend Криптовалюта Глизе on which type of IRA you have. Use Table I-1 to help you determine which parts of this publication to read. Also use Table I-1 if you were referred to this publication from instructions to a form.

Comments and suggestions.

We welcome your comments about this publication and suggestions for future editions.

You can send us comments through IRS.gov/FormComments. Or, you can write to the Internal Revenue Service, Tax Forms and Publications, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224.

Although we can’t respond individually to each comment received, we do appreciate your feedback and will consider your comments and suggestions as we revise our tax forms, instructions, and publications. Don’t send tax questions, tax returns, or payments to the above address.

Getting answers to your tax questions.

If you have a tax question not answered by this publication or the How To Get Tax Help section at the end of this publication, go to the IRS Interactive Tax Assistant page at IRS.gov/Help/ITA where you can find topics by using the search feature or viewing the categories listed.

Getting tax forms, instructions, and publications.

Go to IRS.gov/Forms to download current and prior-year forms, instructions, and publications.

Ordering tax forms, instructions, and publications.

Go to IRS.gov/OrderForms to order current forms, instructions, and publications; call 800-829-3676 to order prior-year forms and instructions. The IRS will process your order for forms and publications as soon as possible. Don’t resubmit requests you’ve already sent us. You can get forms and publications faster online.

Useful Items

Publications

590-B Distributions from Individual Retirement Arrangements (IRAs)

560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)

571 Tax-Sheltered Annuity Plans (403(b) Plans)

575 Pension and Annuity Income

939 General Rule for Pensions and Annuities

Forms (and Instructions)

W-4P Withholding Certificate for Pension or Annuity Payments

1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)—Not for Use With a Designated Financial Institution

5305-S SIMPLE Individual Retirement Trust Account

5305-SA SIMPLE Individual Retirement Custodial Account

5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)—for Use With a Designated Financial Institution

5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

5498 IRA Contribution Information

8606 Nondeductible IRAs

8815 Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989

8839 Qualified Adoption Expenses

8880 Credit for Qualified Retirement Savings Contributions

8915-B Qualified 2017 Disaster Retirement Plan Distributions and Repayments

8915-C Qualified 2018 Disaster Retirement Plan Distributions and Repayments

8915-D Qualified 2019 Disaster Retirement Plan Distributions and Repayments

8915-F Qualified Disaster Retirement Plan Distributions and Repayments

See How To Get Tax Help for information about getting these publications and forms.

Publication 590-A – Introductory Material
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