The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500. Limits on contributions to traditional and Roth IRAs remains unchanged at $6,000.<\/p>\n\n\n\n
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If neither the taxpayer nor their spouse is covered by a retirement plan at work, their full contribution to a traditional IRA is deductible. If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated. The amount of the deduction depends on the taxpayer’s filing status and their income.<\/p>\n\n\n\n
Traditional IRA income phase-out ranges for 2022 are:<\/strong><\/p>\n\n\n\n Roth IRA contributions income phase-out ranges for 2022 are:<\/strong><\/p>\n\n\n\n Saver\u2019s Credit income phase-out ranges for 2022 are:<\/strong><\/p>\n\n\n\n The amount individuals can contribute to SIMPLE retirement accounts also increases to $14,000 in 2022.<\/p>\n\n\n\n Need tax assistance? Call us at 816-524-4949 or visit our website<\/a> to schedule a consultation.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost\u2011of\u2011living adjustments that may affect pension plan and … Continue reading <\/a>