IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe 2022 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged.
The 2022 cost-of-living adjustments (COLAs) were released for:
Highlights of Changes for 2022
The contribution limit has increased from $19,500 to $20,500 for employees who take part in:
The catch-up contribution limit for employees aged 50 and over in the plans above remains $6,500.
The annual limit on contributions to an IRA remains unchanged at $6,000. The $1,000 IRA catch-up contribution amount is not subject to inflation adjustments.
The income ranges increased for determining eligibility to make deductible contributions to:
Phase-Out Ranges
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. The deduction phases out if the taxpayer or their spouse takes part in a retirement plan at work. The phase out depends on the taxpayer’s filing status and income.
Finally, the income limit for the Saver’ Credit is:
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
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