In the Tax Tip 2021-170 communication, the IRS announced that the 2022 contribution limit for 401(k) plans will increase to $20,500.
Traditional IRA income phase-out ranges for 2022 are:
- $68,000 to $78,000 – Single taxpayers covered by a workplace retirement plan
- $109,000 to $129,000 – Married couples filing jointly. This applies when the spouse making the IRA contribution is covered by a workplace retirement plan.
- $204,000 to $214,000 – A taxpayer not covered by a workplace retirement plan married to someone who’s covered.
- $0 to $10,000 – Married filing a separate return. This applies to taxpayers covered by a workplace retirement plan
Roth IRA contributions income phase-out ranges for 2022 are:
- $129,000 to $144,000 – Single taxpayers and heads of household
- $204,000 to $214,000 – Married, filing jointly
- $0 to $10,000 – Married, filing separately
Saver’s Credit income phase-out ranges for 2022 are:
- $41,000 to $68,000 – Married, filing jointly.
- $30,750 to $51,000 – Head of household.
- $20,500 to $34,000 – Singles and married individuals filing separately.
The amount individuals can contribute to SIMPLE retirement accounts also increases to $14,000 in 2022.