401k
\nThe 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. The maximum contribution from employee deferrals plus employer contributions is $61,000.<\/p>\n
An over age 49 catch-up amount is unchanged at $6,500.<\/p>\n
SEP-IRA
\nThe maximum contribution is $61,000.<\/p>\n
Simple-IRA
\nThe amount individuals can contribute to SIMPLE retirement accounts also increases to $14,000 in 2022.<\/p>\n
The over age 49 catch up remains at $3,000.<\/p>\n
2022 Retirement Plan Contribution Updates<\/p>\n
IRA
\nLimits on contributions to traditional and Roth IRAs remains unchanged at $6,000.<\/p>\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 income.<\/p>\n
Traditional IRA income phase-out ranges for 2022 are:
\n$68,000 to $78,000 – Single taxpayers covered by a workplace retirement plan
\n$109,000 to $129,000 – Married couples filing jointly. This applies when the spouse making the IRA contribution is covered by a workplace retirement plan.
\n$204,000 to $214,000 – A taxpayer not covered by a workplace retirement plan married to someone who’s covered.
\n$0 to $10,000 \u2013 Married filing a separate return. This applies to taxpayers covered by a workplace retirement plan<\/p>\n
Roth IRA contributions income phase-out ranges for 2022 are:
\n$129,000 to $144,000 – Single taxpayers and heads of household
\n$204,000 to $214,000- Married, filing jointly
\n$0 to $10,000 – Married, filing separately<\/p>\n
Saver’s Credit income phase-out ranges for 2022 are:
\n$41,000 to $68,000 \u2013 Married, filing jointly.
\n$30,750 to $51,000 \u2013 Head of household.
\n$20,500 to $34,000 \u2013 Singles and married individuals filing separately.<\/p>\n","protected":false},"excerpt":{"rendered":"
401k 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. The maximum contribution from employee deferrals plus employer contributions is $61,000. An over age 49 catch-up amount is unchanged at $6,500. SEP-IRA The maximum contribution is $61,000. Simple-IRA The amount … <\/p>\n