(IRAs) Arrangements Retirement Page 1 of 61 10:37 - 21-Dec ...

1 Userid: CPMS chema: tipxLeadpct: 100%Pt. size: 10 Draft Ok to PrintAH XSL/XMLF ileid: .. ions/P590A/2017/A/XML/Cycle06/source(Ini t. & Date) _____Page 1 of 62 9:58 - 28-Feb-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before of the TreasuryInternal Revenue ServicePublication 590-ACat. No. 66302 JContributions to IndividualRetirementArrangements (IRAs) Fo r use in preparing2017 ReturnsGet forms and other information faster and easier at: (English) (Espa ol) ( ) ( ) (Pусский) (Ti ngVi t) ContentsWhat's New for s New for 1. Traditional Can Open a Traditional IRA?..5 When Can a Traditional IRA Be Opened?..6 How Can a Traditional IRA Be Opened?..6 How Much Can Be Contributed?..8 When Can Contributions Be Made?..9 How Much Can You Deduct?..10 What if You Inherit an IRA?..20 Can You Move Retirement Plan Assets?

2 20 When Can You Withdraw or Use Assets?..32 What Acts Result in Penalties or Additional Taxes?..33 Chapter 2. Roth Is a Roth IRA?..40 When Can a Roth IRA Be Opened?..40 Can You Contribute to a Roth IRA?..40 Can You Move Amounts Into a Roth IRA?..45 Chapter 3. Retirement Savings Contributions Credit (Saver's Credit)..47 Chapter 4. How To Get Tax 's New for 2017 Qualified disaster tax relief. New rules provide for tax-favored withdrawals and repayments from certain re-tirement plans for taxpayers who suffered economic los-ses as a result of Hurricane Harvey or Tropical Storm Har-vey, Hurricane Irma, Hurricane Maria, or the California wildfires. See Pub. 976, Disaster Relief, for information on these special rules. Also, see the instructions for Form 8915B, Qualified 2017 Disaster Retirement Plan Distribu-tions and Repayments, for more information on these new tax relief is also available for taxpayers who suffered economic losses as a result of disasters declared by the President under section 401 of the Robert T.

3 Staf-ford Disaster Relief and Emergency Assistance Act during calendar year 2016. See Pub. 976 and the instructions for 2016 and 2017 Form 8915A, Qualified 2016 Disaster Re-tirement Plan Distributions and Repayments, for more in-formation on these new and unrelated business income. An IRA is sub-ject to tax on unrelated business income if it carries on an unrelated trade or business. An unrelated trade or Feb 28, 2018 Page 2 of 62 Fileid: .. ions/P590A/2017/A/XML/Cycle06/source9:58 - 28-Feb-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before means any trade or business regularly carried on by the IRA or by a partnership of which it is a member. For more information, see Unrelated business income un-der What Acts Result in Penalties or Additional Taxes, AGI limit for traditional IRA contributions.

4 For 2017, if you are covered by a Retirement plan at work, your deduction for contributions to a traditional IRA is re-duced (phased out) if your modified AGI is:More than $99,000 but less than $119,000 for a mar-ried couple filing a joint return or a qualifying widow(er),More than $62,000 but less than $72,000 for a single individual or head of household, orLess than $10,000 for a married individual filing a sep-arate AGI limit for certain married individuals. If you are married and your spouse is covered by a retire-ment plan at work and you aren t, and you live with your spouse or file a joint return, your deduction is phased out if your modified AGI is more than $186,000 (up from $184,000 for 2016) but less than $196,000 (up from $194,000 for 2016). If your modified AGI is $196,000 or more, you can t take a deduction for contributions to a tra-ditional AGI limit for Roth IRA contributions.

5 For 2017, your Roth IRA contribution limit is reduced (phased out) in the following filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $186,000. You can t make a Roth IRA contribution if your modi-fied AGI is $196,000 or filing status is single, head of household, or mar-ried filing separately and you didn t live with your spouse at any time in 2017 and your modified AGI is at least $118,000. You can t make a Roth IRA contri-bution if your modified AGI is $133,000 or filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than zero. You can t make a Roth IRA contribution if your modified AGI is $10,000 or s New for 2018 Extended rollover period for certain plan loan offsets in 2018 or later. Beginning in 2018, you have until the due date (including extensions) for your tax return for the tax year in which the offset occurs to roll over a qualified plan loan offset amount.

6 For more information, see Time Limit for Making a Rollover Contribution in chapter recharacterizations of conversions made in 2018 or later. A conversion of a traditional IRA to a Roth IRA, and a rollover from any other eligible Retirement plan to a Roth IRA, made after December 31, 2017, cannot be re-characterized as having been made to a traditional IRA. For more information, see Recharacterizations in chap-ter AGI limit for traditional IRA contributions in-creased. For 2018, if you are covered by a Retirement plan at work, your deduction for contributions to a tradi-tional IRA is reduced (phased out) if your modified AGI is:More than $101,000 but less than $121,000 for a mar-ried couple filing a joint return or a qualifying widow(er),More than $63,000 but less than $73,000 for a single individual or head of household, orLess than $10,000 for a married individual filing a sep-arate AGI limit for certain married individuals increased.

7 If you are married and your spouse is cov-ered by a Retirement plan at work and you aren t, and you live with your spouse or file a joint return, your deduction is phased out if your modified AGI is more than $189,000 (up from $186,000 for 2017) but less than $199,000 (up from $196,000 for 2017). If your modified AGI is $199,000 or more, you can t take a deduction for contributions to a traditional AGI limit for Roth IRA contributions in-creased. For 2018, your Roth IRA contribution limit is re-duced (phased out) in the following filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $189,000. You can t make a Roth IRA contribution if your modi-fied AGI is $199,000 or filing status is single, head of household, or mar-ried filing separately and you didn t live with your spouse at any time in 2018 and your modified AGI is at least $120,000.

8 You can t make a Roth IRA contri-bution if your modified AGI is $135,000 or filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than zero. You can t make a Roth IRA contribution if your modified AGI is $10,000 or developments. For the latest information about developments related to Pub. 590-A, such as legislation enacted after it was published, go to of one-rollover-per-year limitation. You can make only one rollover from an IRA to another (or the same) IRA in any 1-year period regardless of the number of iras you own. However, you can continue to make un-limited trustee-to-trustee transfers between iras because it isn t considered a rollover. Furthermore, you can also make as many rollovers from a traditional IRA to a Roth IRA (also known as conversions ). For more information, see Can You Move Retirement Plan Assets in chapter to SIMPLE Retirement accounts.

9 You are able to roll over amounts from a qualified Retirement plan Page 2 Publication 590-A (2017)Page 3 of 62 Fileid: .. ions/P590A/2017/A/XML/Cycle06/source9:58 - 28-Feb-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.(as described under Table 1-4) or an IRA into a SIMPLE Retirement account as the first 2 years of participation in a SIMPLE Retirement account, you may roll over amounts from one SIMPLE Retirement account into another SIMPLE Retirement the first 2 years of participation in a SIMPLE re-tirement account, you may roll over amounts from a qualified Retirement plan or an IRA into the SIMPLE Retirement iras . SIMPLE iras aren t covered in this publi-cation. They are covered in Pub. employee pension (SEP). SEP iras aren t covered in this publication. They are covered in Pub.

10 560, Retirement Plans for Small iras . A qualified employer plan ( Retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. An employee's account can be treated as a tra-ditional IRA or a Roth this purpose, a qualified employer plan includes:A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan);A qualified employee annuity plan (section 403(a) plan);A tax-sheltered annuity plan (section 403(b) plan); andA deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a to both traditional and Roth iras . For information on your combined contribution limit if you con-tribute to both traditional and Roth iras , see Roth iras and traditional iras under How Much Can Be Contrib-uted?