The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes are the same in the fourth quarter of 2020 as they were in the third quarter of 2020 (Rev. Rul. 2020-18). The rates are:
Test for determining deductibility of IRA deductions. Active participants in employer retirement plans are subject to IRA deduction phase-out rules if adjusted gross income exceeds certain threshold.