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Happy New Year!

As you start your financial planning for 2022 and beyond, keep in mind these updated changes for 2022:

Estate & Gift Taxes for 2022: The estate and gift tax exemption amount increased this year from $11.7 million to $12.06 million per individual.  The top gift, estate, and GST tax rate is unchanged from2021 at 40%.  And, the annual gift tax exclusion amount increases in 2022 to $16,000 per recipient.

Retirement Plan Contribution Limits for 2022:

Plan Type                                                           Age Limit              2022 Contribution Limit

IRA (Traditional & Roth)                                Up to Age 50            $ 6,000
IRA (Traditional & Roth)                                Age 50+                     $ 7,000

Salary Deferrals (401k, 403b, 457)              Up to Age 50           $ 20,500
Salary Deferrals (401k, 403b, 457)              Age 50+                    $ 27,000

Simple IRA                                                       Up to Age 50           $ 14,000
Simple IRA                                                       Age 50+                    $ 17,000

Defined Contribution Plans                                                           $ 61,000
(SEP/IRA, Profit Sharing, Money Purchase, i401k)


The deduction phaseout for regular IRAs in 2022 is the following:

  • Joint filers in company plans:  Phaseout starts at $109,000 of Annual Gross Income (AGI) and ends at $129,000.
  • If only one spouse is covered by a company plan:  Phaseout starts for the spouse who isn’t participating at $204,000 of AGI and ends at $214,000.
  • For single filers who are also participating in the company plan:  Phaseout starts at $68,000 of AGI and ends at $78,000.


The phaseout for Roth IRAs in 2022 is the following:

  • The Roth income limits for joint filers:  Annual Gross Income (AGI) of $204,000 to $214,000.
  • The Roth income limits for singles: AGI of $129,000 to $144,000.


* Please note that you should consult with your accountant prior to funding any retirement plan to verify your income eligibility and what plan would be most suitable for you.



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