IRS Updates Publication 571 on 403(b) Plans

In January 2019, the IRS updated Publication 571, entitled “Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations.” This publication is designed to help tax filers better understand 403(b) plans and the related tax rules.

Specifically, Publication 571 provides information that will help individuals determine the amounts that can be contributed to their 403(b) plans (in 2018 and 2019), identify excess contributions, understand the basic rules for claiming the retirement savings contribution credits and understand the basic distribution rules.

Although the updates to the publication mainly describe the increased contribution and tax credit limits, this publication would be helpful to any employer that sponsors a 403(b) plan.

Publication 571 »