COVID-19 Relief Available for Retirement Plans and IRAs Required minimum distributions are waived in 2020. Distributions related to coronavirus: Are not subject to the 10% early distribution tax Can be included in income over 3 years Can be repaid over 3 years. Plan loan limits and repayments may be extended. Get details on coronavirus relief for retirement plans and IRAs. Tax-advantaged retirement plans and Individual Retirement Arrangements (IRAs). Recent Developments Changes to guidance, law and procedures that affect employee plans. COLA Increases for Dollar Limitations on Benefits and Contributions The amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023. Form 5300 Electronic Submission The IRS revised Form 5300, Application for Determination for Employee Benefit Plan, and its instructions, to submit the form electronically. For more information see the July 14, 2022 newsletter. Subscribe to Updates Required Minimum Distribution (RMD) Minimum amount you may need to annually withdraw from your retirement plan after age 72. CALCULATE AMOUNT IRAs Find how to make tax-deferred investments for your retirement by contributing to Traditional and Roth IRAs. GET STARTED Contribution Limits Find amounts you can contribute to your retirement plans and IRAs each year. FIND LIMITS Retirement Plan Types Explore options for retirement plans: 401(k) Plans Roth IRAs SIMPLE IRA Plans SEP Plans Traditional IRAs All retirement plan types Life Events Manage your retirement savings during a life event: Rollovers: Move Money from One Plan to Another Hardship Distributions: Early Withdrawals and Loans Changes in Your Life Plan Administration Maintain retirement plans: Correcting Plan Errors Determination, Opinion and Advisory Letters IRS Examination (Audit) of Retirement Plans Reporting and Disclosure Calculate plan benefits: Actuarial Tables Interest Rate Tables Resources Tax-Exempt and Government Entities - Program & Accomplishments Letters Get news, attend events and request speakers: Read and Subscribe to News Attend a Webinar Request Educational Services
