Due to low inflation, cost-of-living adjustments to various retirement plan limits are unchanged or only slightly higher (Notice 2020-79). The following are some key numbers to help you plan for the coming year:
The adjusted gross income limits for the retirement savers credit are slightly increased. Also slightly increased are the modified adjusted gross income limits for Roth IRA contributions and for contributions to traditional IRAs by those who are active participants in qualified retirement plans.
Interest deemed earned on seller-financed sales or low-interest loans, where the parties’ stated interest rate is below the applicable IRS federal rate.