IRA Contributions Limits for 2022
- $6000 ($7000 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
The IRA contribution limit does not apply to:
Roth IRA Income Limits in 2018
IRA Contribution Limits for 2022
In 2022, the contribution limits for Traditional IRAs and Roth IRAs is $6,000. If you reach the age of 50 before the end of the calendar year, then you’re entitled to an additional catch-up contribution of $1,000. That brings your total contribution to $7.000 if your age 50 or older by the end of 2022.
Claiming a tax deduction for your IRA contribution
Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.
SIMPLE IRA Contribution Limits
The amount an employee contributes from their salary to a SIMPLE IRA cannot exceed $12,500 in 2022.
If an employee participates in any other employer plan during the year and has elective salary reductions under those plans, the total amount of the salary reduction contributions that an employee can make to all the plans he or she participates in is limited to $18,000 in 2022. See more than one plan.
Catch-up contributions. If permitted by the SIMPLE IRA plan, participants who are age 50 or over at the end of the calendar year can also make catch-up contributions. The catch-up contribution limit for SIMPLE IRA plans is $3,000 in 2022.
Please see IRS publication 590-A for more information.
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