You have until April 18, 2023, to make contributions for tax year 2022. For 2022, contribution limits for IRAs are $6,000. In addition, those age 50 and older may contribute up to $7,000. So if you’re not taking advantage of an IRA, you may be missing out on an exceptional opportunity. In fact, you can make IRA contributions at any time, as long as you meet the April 18 deadline for prior year contributions. We have a suitable IRA for most any situation. Depending on your income, you may qualify for one of the following:
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TRADITIONAL, DEDUCTIBLE IRA |
ROTH IRA |
TRADITIONAL,
NON-DEDUCTIBLE IRA |
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Contributions are
tax-deductible
Tax-deferred growth (withdrawals are subject
to tax)
Penalty-free withdrawals
after age 59½ |
Contributions are NOT
tax-deductible
Tax-free and penalty-free withdrawals after certain requirements are met
No required
minimum distributions |
Tax-deferred growth (withdrawals of earnings
are subject to tax)
Appropriate for those whose income is too high for a Roth or traditional IRA |
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Click here for the IRA Contribution Limits for 2022 article!
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