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IRS Announces Changes to Retirement Plans for 2022
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IRS Announces Changes to Retirement Plans for 2022

IRS, Personal Taxes, Planning Strategies, Retirement, Saver's Credit, Tax Credits, Tax Tips, Taxes

IRS Announces Changes to Retirement Plans for 2022

This article was published by the IRS. This year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of changes for [...]

cozbycpa2022-02-02T11:29:45-05:00February 2nd, 2022|Categories: IRS, Personal Taxes, Planning Strategies, Retirement, Saver's Credit, Tax Credits, Tax Tips, Taxes|Tags: changes to retirement plans for 2022, Cozby & Company, CPA Heather Cozby, good accountants in Plymouth MA, how much can individuals contribute to SIMPLE retirement accounts in 2022, Roth IRA contributions income phase-out ranges for 2022, Saver's Credit income phase-out ranges for 2022, traditional IRA income phase-out ranges for 2022|

Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit

People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service. The Tax Cuts and Jobs Act, the tax reform legislation enacted in December, made major changes [...]