{"id":11529,"date":"2021-11-12T19:46:41","date_gmt":"2021-11-12T19:46:41","guid":{"rendered":"https:\/\/udirectira.com\/?p=11529"},"modified":"2022-06-27T20:04:01","modified_gmt":"2022-06-27T20:04:01","slug":"2022-contribution-limits","status":"publish","type":"post","link":"https:\/\/udirectira.com\/2022-contribution-limits\/","title":{"rendered":"2022 Contribution Limits"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div id=\"attachment_10683\" style=\"width: 106px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-10683\" class=\"wp-image-10683 size-full lazyload\" data-src=\"https:\/\/udirectira.com\/wp-content\/uploads\/2019\/04\/image-1.png\" alt=\"\" width=\"96\" height=\"144\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 96px; --smush-placeholder-aspect-ratio: 96\/144;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-10683\" class=\"wp-image-10683 size-full\" src=\"https:\/\/udirectira.com\/wp-content\/uploads\/2019\/04\/image-1.png\" alt=\"\" width=\"96\" height=\"144\" \/><\/noscript><p id=\"caption-attachment-10683\" class=\"wp-caption-text\">By: Jeffrey Dixon, MBA, CISP, SDIP<\/p><\/div>\n<p>Get ready for retirement by contributing to your retirement account!\u00a0 Take a minute to write a check to your IRA and invest in your future.\u00a0 You may even get a tax deduction!<\/p>\n<h4>The IRS recently released the new <a href=\"https:\/\/udirectira.com\/contribute-to-account\/\">contribution limits<\/a> for 2022:<\/h4>\n<ul>\n<li>The elective deferral for a 401k has been raised to $20,500, up from $19,500. The catch-up amount remains at $6,500 if over the age of 50.<\/li>\n<li>For a SEP IRA, the amount has been raised to $61,000, up from $58,000 or 25% of business income, whichever is less.<\/li>\n<li>For a SIMPLE IRA, the amount has been raised to $14,000, up from $13,500. The catch-up amount remains at $3,000 if over the age of 50.<\/li>\n<li>Traditional and Roth contributions stay the same at $6,000. The catch-up amount remains at $1,000 if over the age of 50.<\/li>\n<\/ul>\n<p>A non-working spouse can make a Traditional or Roth contribution if their spouse has qualifying income from a W-2 job or self-employment.<\/p>\n<p>The adjusted gross income limitation for determining the maximum Roth IRA contribution for married taxpayers filing a joint return or for taxpayers filing as a qualifying widow(er) is increased from $198,000 to $204,000. The adjusted gross income limitation for all other taxpayers (other than married taxpayers filing separate returns) is increased from $125,000 to $129,000.<\/p>\n<p>The adjusted gross income phase-out range for taxpayers making contributions to a Roth IRA is $204,000 to $214,000 for married couples filing jointly, increased from $198,000 to $208,000. For singles and heads of household, the income phase-out range is $129,000 to $144,000, increased from $125,000 to $140,000. For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.<\/p>\n<p>Retirement savings grow tax-free or tax deferred and as a result, your retirement savings can compound faster since they are not diminished by tax.\u00a0 Be your own best friend and put something away for your retirement years today.<\/p>\n<h4>Read more about the changes<a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-contributions\"> HERE<\/a><\/h4>\n<p>Retirement plans remain a great way to plan for your future. If you have questions about the 2022 contribution limits or any other retirement plan issue, please contact us at 866-919-1236 or email us at info@uDirectIRA.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Get ready for retirement by contributing to your retirement account!\u00a0 Take a minute to write a check to your IRA and invest in your future.\u00a0 You may even get a tax deduction! The IRS recently released the new contribution limits for 2022: The elective deferral for a 401k has been raised to $20,500, up&hellip;<\/p>\n","protected":false},"author":5,"featured_media":11531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2022 Contribution Limits - uDirect IRA Services, LLC<\/title>\n<meta name=\"description\" content=\"Get ready for retirement by contributing to your retirement account! 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