Idaho State Tax Commission

New income ranges for IRA eligibility in 2021

The Internal Revenue Service has made cost of living adjustments affecting dollar limitations for pension plans and other retirement-related savings for next year. Taxpayers should familiarize themselves with these adjustments, so they aren't caught off guard.

The income ranges for these actions all increased for 2021:

  • Determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs).
  • Contributing to Roth IRAs.
  • Claiming the saver's credit.

You can find the new ranges and get more information at IRS.gov

 

Posted 11-05-2020
tax pros general

This information is for general guidance only. Tax laws are complex and change regularly. We can't cover every circumstance in our guides. This guidance may not apply to your situation. Please contact us with any questions. We work to provide current and accurate information. But some information could have technical inaccuracies or typographical errors. If there's a conflict between current tax law and this information, current tax law will govern.