On November 4, 2021, the IRS released Notice 2021-61, announcing cost-of-living adjustments that affect contribution limits for IRAs in 2022. Notably, the amount individuals can contribute to an IRA in 2022 remains unchanged at $6,000.
The attached table outlines all of the key changes to traditional and Roth IRA limits, eligibility, and deductibility rules for the upcoming year.
This is a good time to ensure that you do the following:
- Review your retirement planning goals and objectives.
- Confirm that your beneficiary designations are up to date.
- Review your retirement savings goals.
A chart that explains IRA Deductibility and Roth Eligibility for 2022.
This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Investors should consult a tax preparer, professional tax advisor, and/or a lawyer.
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