IRS Releases 2018 Publication 590-A, Contributions to IRAs

The IRS recently released the 2019 Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), to be used in preparing 2018 returns. The instructions summarize the changes for 2018 including:

  • An extended rollover period for qualified plan loan offsets
  • No re-characterizations of conversions of a traditional IRA to a Roth IRA
  • The modified adjusted gross income limits (AGI) for both traditional IRA and Roth contributions

The publication also details the modified AGI limits for 2019 contributions, which vary by marital status and type of IRA. Lastly, the publication reminds individuals that there is still qualified disaster tax relief for IRAs related to Hurricane Harvey, Tropical Storm Harvey, Hurricane Irma, Hurricane Maria and the California wildfires. There is also relief for economic losses suffered as a result of disasters declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act during calendar year 2016.

Employers that offer Roth IRAs should familiarize themselves with this guidance.

Publication 590-A, Contributions to IRAs »