Tax & Accounting
November 02, 2020
Internal Revenue Service announces cost-of-living adjustments for 2021: IRA regular contribution limit will remain at $6,000
On October 26, 2020 the Internal Revenue Service announced retirement plan related cost-of-living adjustments (COLAs) for 2021. Though some figures including the $6,000 regular contribution limit for traditional and Roth IRAs will remain the same, certain income thresholds that determine traditional IRA deductibility, Roth IRA eligibility, and saver’s tax credit eligibility will slightly increase.