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Increased IRA Contributions: New Limits for Those Without Employer Plans

This act raises the annual contribution limits for Individual Retirement Accounts (IRAs) for individuals who do not have an employer-sponsored retirement plan. This allows citizens without an employer plan to save more for their future, with these amounts being adjusted annually for the cost of living. These changes will take effect starting with the 2022 tax year.
Key points
Increases the deductible amount for IRA contributions to $12,000 for individuals without an employer retirement plan.
Sets an applicable amount of $3,000 for purposes of specific subsections of the code for eligible individuals.
Contribution limits will be adjusted annually for inflation starting in the calendar year after 2022.
These changes will apply to tax years beginning after December 31, 2021.
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Expired
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Additional Information
Print number: 117_S_1961
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2021-06-07
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

IRA Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1961.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-07.

What are the main provisions?

Key points include:

  • Increases the deductible amount for IRA contributions to $12,000 for individuals without an employer retirement plan.
  • Sets an applicable amount of $3,000 for purposes of specific subsections of the code for eligible individuals.
  • Contribution limits will be adjusted annually for inflation starting in the calendar year after 2022.
  • These changes will apply to tax years beginning after December 31, 2021.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

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