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Tax Alert: IRS Announces 2022 Limits for Retirement Plans

11/7/2021

1 Comment

 
Link to this Update: https://ramlcpa.link/hlf
The IRS has announced the new retirement plan numbers for 2022.
Retirement limits for 401(k) and similar plans are up. 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, up from $19,500.
IRA limits have changed for certain savers. If during the year either the taxpayer or the taxpayer's spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income.
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(If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Here are the phase-out ranges for 2022:

  • For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to $68,000 to $78,000, up from $66,000 to $76,000.
  • For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to $109,000 to $129,000, up from $105,000 to $125,000.
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the phase-out range is increased to $204,000 to $214,000, up from $198,000 to $208,000.
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The limit on annual contributions to an IRA remains unchanged at $6,000.

Roth IRA limits are changed. The income phase-out range for taxpayers making contributions to a Roth IRA is increased to $129,000 to $144,000 for singles and heads of household, up from $125,000 to $140,000. For married couples filing jointly, the income phase-out range is increased to $204,000 to $214,000, up from $198,000 to $208,000. The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

Savers Credit and SIMPLE are both up. The income limit for the Saver's Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers is $68,000 for married couples filing jointly, up from $66,000; $51,000 for heads of household, up from $49,500; and $34,000 for singles and married individuals filing separately, up from $33,000. The amount individuals can contribute to their SIMPLE retirement accounts is increased to $14,000, up from $13,500.

Catch-up provisions remain unchanged. The IRA catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan remains unchanged at $6,500. Therefore, participants in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan who are 50 and older can contribute up to $27,000, starting in 2022. The catch-up contribution limit for employees aged 50 and over who participate in SIMPLE plans remains unchanged at $3,000.

This is just an overview. Work with a financial professional to make sure your retirement contributions fall within these limits.
Link to full article: https://ramlcpa.link/fz5

Retirement Plan Contributions

401K Contributions

IRA Contributions

Roth IRA Contributions
Retirement Plan Limits
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11/9/2021 03:18:58 am

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COLUMBIA MD ACCOUNTANT

Travis Raml, CPA & Associates, LLC is an accounting firm in Columbia MD which offers, tax services, outsourced CFO, outsourced controller, businesses advisory, and coaching services to businesses and individuals thorough out the Greater Washington, DC and Baltimore, MD area.

​We also provide service in Ellicott City, Columbia, Annapolis, Severn, Odenton, Crofton, Silver Spring, Rockville, Bethesda, Gaithersburg, Potomac, Reston, Tysons Corner, Fairfax, Alexandria, Arlington. We're also a local CPA firm conveniently located in Columbia Maryland directly across from Columbia Mall.
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Travis Raml, CPA has been an accountant since 1998 and a certified public accountant (CPA) since 2003 and prides his firm on delivering high quality small business CPA services. He specializes in Columbia Tax Preparation, and Columbia Maryland Accounting Firm.


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