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Retirement plans offer one of the biggest long term tax shelters as the funds grow tax free in the plan.
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.
Some 2023 (2022 Filing Season) Changes:
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.
Some helpful links:
More information about retirement plans
More information about Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs – Comparison
Retirement Plans: Text
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Tax planning considerations for individuals:
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Small Business Tax FAQ
Small Business Tax FAQ
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