IRS Releases Draft of 2021 Tax Year IRA Publication 590-B

The IRS has issued a draft 2021 Tax Year Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). Several noteworthy items have been outlined in the “What’s New” section of the publication.

• Appendix B has been updated to reflect the new life expectancy and distribution period tables that are applicable to distribution calendar years beginning on or after January 1, 2022.
• Form 8915-F replaces Form 8915-E for reporting qualified 2020 disaster distributions and repayments of distributions made in 2021 and 2022.
• The calculation of qualified charitable distributions may require an adjustment and a worksheet has been added.