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Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
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The 2022 gift tax return deadline is coming up soon
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Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings:
- Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500)
- Contributions to defined contribution plans: $56,000 (up from $55,000)
- Contributions to SIMPLEs: $13,000 (up from $12,500)
- Contributions to IRAs: $6,000 (up from $5,500)
One exception is catch-up contributions for taxpayers age 50 or older, which remain at the same levels as for 2018:
- Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $6,000
- Catch-up contributions to SIMPLEs: $3,000
- Catch-up contributions to IRAs: $1,000
Keep in mind that additional factors may affect how much you’re allowed to contribute (or how much your employer can contribute on your behalf). For example, income-based limits may reduce or eliminate your ability to make Roth IRA contributions or to make deductible traditional IRA contributions.
© 2018
Categories: News
