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Ultimate IRA Guide: A Compilation of IRA Guides for 2021 (PDF Download) (Publication)** DOWNLOAD PDF NOW! **
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. **
Category: Retirement Planning
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
by: Denise 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
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