Although the end of the year is approaching, you can still make contributions to many of your Retirement accounts until you file your 2021 Income Taxes or until the tax deadline, whichever comes first.
I’ve included a chart that shows what the max contributions are for the most used Investment accounts. Don't get overwhelmed! You can always call or email me to chat about your personal situation!
Traditional & Roth IRAs
$6k max unless you’re over 50 years old then it’s $7k
No changes in 2022
Deadline to open a Simple IRA plan for your company for 2021 was October 1st.
As an employee, you can contribute up to $13,500 for for this year if you have one open already (16,500 if you’re over 50)
Employer contributions (1%-3% of your employee’s income) are tax deductible to the business
Max Contribution for 2022: $14,000
You can make contributions up until your tax deadline. If you’ve filed an extension, you can continue making current year contributions until 10/15 or until you file taxes, whichever is first.
The max contribution is $58,000 or 25% of your taxable income, whichever is less.
Max Contribution for 2022: $61,000
Up to 19,500 for 2021 as the employee (+ $6,500 if you’re over 50) AND 25% of your compensation, as defined by your plan, can be contributed to your account from the business. Total max limit is $58,000 in 2021
Limit is $61,000 for 2022
Max contribution is 19,500 + $6,500 If you’re over 50. Usually this must be done by end of calendar year. Ask your HR for more help with this one.
Max Contribution for 2022: $20,500
$3,600 limit for individuals + $1k if you’re over 50
$7,200 for families, $8,200 if you’re over 50.
Increases for 2022 by $50 for self-coverage and $100 for family coverage.
Non- Qualified Investment Accounts
Contribute as much as you’d like, whenever you want!
Ready to do your annual Roth Conversion? Want to get started investing in one of these accounts but not sure how, which one or where? I can help.