IRA and Tax Tables 2021

2021 Roth IRA Eligibility

If your filing status is...And your modified AGI is...Then you can contribute...
married filing jointly or qualifying widow(er)

< $198,000

up to the limit

> $198,000 but < $208,000

a reduced amount

> $208,000

zero

married filing separately and you lived with your spouse at any time during the year

< $10,000

a reduced amount

> $10,000

zero

single, head of household, or married filing separately and you did not live with your spouse at any time during the year

< $125,000

up to the limit

> $125,000 but < $140,000

a reduced amount

> $140,000

zero

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2021 IRA Contribution Levels

YearUnder age 50Age 50+
2021$6,000$7,000
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2021 Roth IRA Conversion Eligibility

YearEligibility
2021Anyone Can
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2021 SEP IRA Contribution Levels

Here's what can be contributed to a SEP IRA:

Year Maximum Contribution
2021 Up to 25% of compensation of up to $290,000, but no more than $58,000. Catch-up contributions do not apply.
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2021 Federal Estate Tax Levels

At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:


YearExempt from TaxEstate-Tax Rate
2021

$11,700,000 per person with portability

Top rate of 40%
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2021 Generation-Skipping Transfer (GST) Tax

Tax on assets transferred to non-spouse heirs at death:


YearExempt from TaxGST Tax Rate
2021

$11,700,000 per person (no portability)

40%
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2021 Uniform Lifetime Table

This table is the life expectancy table to be used by all IRA owners to calculate lifetime distributions unless your beneficiary is your spouse who is more than 10 years younger than you. In that case, you would not use this table, you would use the actual joint life expectancy of you and your spouse based on the regular Joint Life Expectancy Table. The Uniform Lifetime Table is never used by IRA beneficiaries to compute required distributions on their inherited IRAs.
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2021 Annual Gift Tax Exclusion

You may give the following amount to an individual, free of gift tax:


YearAnnual Exclusion
2021$15,000
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2021 Joint Life Expectancy Table

This table is used only for lifetime distributions and only when the spousal exception applies (when the spouse is the sole beneficiary for the entire year and is more than 10 years younger than the IRA owner). Beneficiaries never use this table.
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2021 Single Life Expectancy Table

Designated beneficiaries use this Single Life Expectancy Table based on their age in the year after the IRA owner's death. That factor is reduced by one for each succeeding distribution year. Spouse beneficiaries who do not elect to roll the IRA over or treat it as their own also use the single life table, but they can look up their age each year.
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