Ultimate IRA Guide: A Compilation of IRA Guides for 2021 (PDF Download)
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    ULTIMATE IRA GUIDE: A Compilation of IRA Guides for 2021

    by: Denise Appleby, CISP, CRC, CRPS, CRSP, APA

     

    NEW FOR 2021

    ** Updated for The CARES Act **

    ** Updated for The SECURE Act **

    • Charts and tables that summarize the IRA rules in an easy to understand and user-friendly manner.
    • Frequently asked questions and clearly written responses.
    • Rollover and transfer rules for retirement accounts.
    • IRA Beneficiary distribution options.

    ** PLEASE NOTE: This file will be delivered to you as a link to download the .pdf file.  There is no physical book to be delivered. **

About The Author

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ULTIMATE IRA GUIDE: A Compilation of IRA Guides for 2021

by: Denise Appleby, CISP, CRC, CRPS, CRSP, APA

 

About the Author

 

Denise Appleby, MJ, CISP, CRC, CRPS, CRSP, APA, is a retirement plans consultant to financial, tax, and legal professionals. She is also a retirement plans trainer, freelance writer, editor, and owner of Appleby Retirement Plans Consulting, located on the Internet at http://www.applebyconsultinginc.com and the consumer free Website http://www.RetirementDictionary.com. Ms. Appleby's retirement-plans-related experiences include working as a retirement plans product manager, training manager, compliance consultant, technical help desk manager, and writer. She has written over 500 articles for many financial newsletters, including http://www.Investopedia.com, Pershing LLC's Sixty Something, The Pershing Press, Ed Slott's IRA Advisor and as a Contributor at www.Forbes.com.

 

Ms. Appleby is a frequent speaker at seminars, where she explains the rules and regulations that govern IRAs and qualified plans—including how to prevent paying avoidable taxes and penalties on distributions from retirement plans. Ms. Appleby has appeared on CNBC's “Business News,” Fox Business Network, and numerous radio shows, as well as being quoted in the Wall Street Journal, Investor's Business Daily, CBS Marketwatch's Retirement Weekly, and other financial publications, where she gave insights on the rules and regulations that govern retirement accounts. 

She received a Masters of Jurisprudence (M.J.) in Employee Benefits from The John Marshall Law School and a B.A. in Sociology from Rutgers State University. She has earned the following professional designations: The Accredited Pension Administrator (APA) from the National Institute of Pension Administrators; the Certified IRA Services Professional (CISP) designation from the Institute of Certified Bankers; the Chartered Retirement Plans Specialist (CRPS) designation from the College for Financial Planning; Certified Retirement Services Professional (CRSP) designation from the Institute of Certified Bankers; and the Certified Retirement Counselor (CRC) designation from the International Foundation for Retirement.

She is a contributing-author of the following books

-   Roth IRA Answer Book

-   Quick Reference to IRAs

-   Adviser's Guide to Retirement Plans for Small Businesses

-   SIMPLE, SEP, and SARSEP Answer Book

 

Table of Contents

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ULTIMATE IRA GUIDE: A Compilation of IRA Guides for 2021

byDenise Appleby, CISP, CRC, CRPS, CRSP, APA

 

Contents

 

General Disclaimer and Copyright

About the Author

Reminders- Recent Changes to IRA Rules and Regulations

 

Changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act)

A Summary of the CARES Act’s Provisions for RMD Waivers, Coronavirus Related Distributions and Loans

IRS Form 1099-R and Form 5498 Changes for 2020 and 2021

2020: Form 1099-R: Distributions for qualified birth and adoption.

2020: Form 5498: New repayment code.

2020: Form 5498: Required minimum distributions (RMDs).

IRS Publishes New RMD Tables

New Uniform Lifetime Table: Effective for distributions made after 2021

 

1.     Summary of Operational Procedures for Setting Up Your IRA

How to set up your IRA

Your Right to Revoke Your IRA

Funding Your IRA

 

2.     Checklist: Designating your beneficiary for your IRA

 

3.     2021 Limits for IRAs & Employer Plans

IRA and Salary Deferral Contribution limits if you are under age 50 as at year-end 2021

IRA and Salary Deferral Catch-up contribution if you are at least age 50 as at year-end 2021

2021 MAGI limits for deducting regular contributions to Traditional IRAs

2021 MAGI limits for making a regular contribution to a Roth IRA

2021 AGI limits for eligibility for saver’s credit: salary deferral and IRA/Roth IRA contributions

 

4.     Traditional IRA Features and Benefits: Quick Reference Guide

 

5.     Traditional IRA Funding Options: Quick Reference Guide

Regular Traditional IRA Contribution

Spousal Traditional IRA Contributions

Recharacterization of Contribution Made to Roth IRA

Deemed Traditional IRA Contribution

Payroll Deduction IRA

Employer-Sponsored IRA

Rollover from qualified plans [401(a) and 403(a)], 403(b) and governmental 457(b) plans [Not a Designated Roth Account (DRA)]

 

6.     Traditional IRA Deductibility: Quick Reference Guide

Eligibility to deduct regular Traditional IRA Contribution

Determination of “Who Is an Active participant” in an Employer Sponsored Plan

 

7.     Roth IRA Features and Benefits: Quick Reference Guide

 

8.     Roth IRA Funding Options: Quick Reference Guide

Regular Roth IRA Contribution

Spousal Roth IRA Contributions

Recharacterization of Contribution Made to Traditional IRA

Deemed Roth IRA Contribution

Payroll Deduction IRA

Employer-Sponsored IRA

Conversion from Traditional IRA, SEP IRA and SIMPLE IRA

Retirement plan rollovers from qualified plans [401(a) and 403(a)], 403(b) and governmental 457(b) plans [non-Roth]

Designated Roth Accounts (DRA) [Roth 401(k), Roth 403(b) and Roth Governmental 457(b)] Rollovers

Military Death Gratuities and Service Members’ Group Life Insurance (SGLI) Payments

 

9.     Roth IRA vs. Traditional IRA: Quick Reference Guide

Regular IRA Contribution Limits

Contribution eligibility

Deadline| Regular IRA Contribution

Eligibility to deduct contributions

Age Limitation

Saver’s Credit

Treatment of earnings

Distributions | Optional Vs. Required

 

10.      Saver’s Credit: Quick Reference Guide

Eligibility Requirements

Eligible Contributions

Credit Amount

Reduction of Eligible Contributions

 

11.      Checklist for Your Regular Traditional and Roth IRA Contribution

 

12.      The Transfer/Rollover Lingo: Recommend when communicating with financial institutions and plan trustees

 

13.      Rollover and Transfer Permissibility: Quick Reference Guide

Summary of rollover/transfer permitted between different type of accounts

Rollover and Transfer Limitations for IRAs and Employer Sponsored Plans: Quick Reference

 

14.      Rollover and Transfer Rules for Nonspouse Beneficiaries: Quick Reference

 

15.      Early Distribution Penalty Exceptions: Quick Reference Guide

Exceptions to the 10% Early Distribution Penalty ‘by Type of Account’

 

16.      Quick Reference: Substantially Equally Periodic Payments/SEPP/72(t): Quick reference Guide

SEPP Guidance

 

17.      Roth IRA Distribution: Tax and Penalty Treatment: Quick Reference

Quick Reference # 1: Amounts Subject Income Tax and/or the 10% Penalty

 

18.      Tax and Penalty Determination on Nonqualified Distribution from a Roth IRAs: Quick Reference

 

19.      Required Minimum Distributions

Accounts Subject to RMDs

RMD Deadlines for Account Owners

RMDs and Portability: Summary

RMD Aggregation Rules

RMD Related Definitions

IRA RMD Calculation Formula

Uniform Lifetime Table

 

20.      IRA Beneficiary Distribution Options: When the IRA Owner Died on or before December 31, 2019

Traditional IRA Beneficiary Distribution Options

When the IRA Owner Dies before the Required Beginning Date (RBD)

When the IRA Owner Died on or after the Required Beginning Date (RBD)

Notes for Quick Reference

Roth IRAs: Beneficiary Distribution Options

Qualified Trust as Beneficiary

 

21.      IRA Beneficiary Distribution Options: When the IRA Owner Dies After December 31, 2019

New 10-Year Rule

Exception to the 10-Year Rule

Transition rule

IRA Beneficiary Options: Eligible Designated Beneficiary & Designated Beneficiary under the SECURE Act

IRA Beneficiary Options: Nondesignated Beneficiary under the SECURE Act

 

22.      Qualified Charitable Distributions

General Rules and Requirements for Qualified Charitable Distributions

QCD and RMDs

QCDs and Basis Amounts

QCDs and Deductible Traditional IRA Contributions

 

23.      Tax Reporting Forms and Requirements for IRAs

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

IRS Form 5498, IRA Contribution Information

IRS Form 990-T, Exempt Organization Business Income Tax Return

IRS Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding

Form W-8CE, Notice of Expatriation and Waiver of Treaty Benefits

IRS Form 8606, Nondeductible IRAs

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

IRS Form 8880, Credit for Qualified Retirement Savings Contributions

 

Appendix A: Life Expectancy Tables

Single Life Expectancy-For Use by Beneficiaries

Uniform Lifetime Table: For use by Unmarried Owners, Married Owners Whose Spouses Are Not More Than 10 Years Younger, and Married Owners Whose Spouses Are Not the Sole Beneficiaries of Their IRAs)

 

Appendix B: IRS’ Guide to Distribution Codes for IRS Form 1099-R, as provided to IRA Custodians/Trustees by the IRS.

 

Appendix C: Transactions Reported on IRS Forms 1099-R and 5498

 

Recommended IRA Resources

SIMPLE, SEP, and SARSEP Answer Book, 2020 Edition

Roth IRA Answer Book, Ninth Edition