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Retirement plans offer one of the biggest long term tax shelters as the funds grow tax free in the plan.
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Not everyone has access to employer sponsored retirement plans and even if you do have a retirement plan through work, you may want to save additional money beyond the annual 401(k) contribution limits.
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Some 2023 (2022 Filing Season) Changes:
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Some key contribution limits on IRAs and retirement plans:
Maximum 2022 contribution limits for 401(k), 403(b), and most 457 plans increased to $20,500 ($22,500 in 2023). Individuals age 50 and over can once again contribute $6,500 ($7,500 in 2023) more as a catch-up contribution.
Contributions to SIMPLE IRAs increased to $14,000 in 2022 ($15,500 in 2023), plus $3,000 ($3,500 in 2023) for individuals age 50 and over.
Contribution limit for 2022 traditional IRAs and Roth IRAs remains unchanged at $6,000 ($6,500 in 2023), plus $1,000 (unchanged in 2023) as an additional catch-up contribution for individuals age 50 and over.
Traditional and Roth IRA deduction phase-out:
Deduction phase-out for Roth IRAs in 2022 starts at adjusted gross incomes (AGIs) of $204,000 to $214,000 for married filing jointly (MFJ) and $129,000 to $144,000 for single filers.
Deduction phase-out for traditional IRAs in 2022 starts from adjusted gross incomes of $109,000 to $129,000 for married filing jointly and $68,000 to $78,000 for single filers. If only one spouse is covered by a plan, the phase-out zone for deducting a contribution for the uncovered spouse starts at $204,000 of adjusted gross income and ends at $214,000.
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Some helpful links:
More information about retirement plans
More information about Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs – Comparison
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