Important Numbers for 2022

Posted by John Posey

Below you'll find important numbers for year 2022 (click the image for the full pdf report). Here are a few highlights: 

• IRA Contribution limit - $6,000 (Additional $1,000 catch-up contribution for age 50+)
• Max elective deferral to retirement plans (e.g. – 401k) - $20,500 (Additional $6,500 catch-up contribution for age 50+)
• Max elective deferral to SIMPLE plans - $14,000 (Additional $3,000 catch-up for age 50+)
• Limit on annual additions to defined contribution plans and SEP IRAs - $61,000
• Annual gift tax exclusion - $16,000 per individual

Advisory services offered through Plains Advisory LLC, an investment adviser registered with the State of Nebraska. Insurance products and services are offered and sold separately through John Posey, a licensed insurance agent. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Any information provided is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal, tax, financial or investing advice and cannot be used to avoid tax penalties or to promote, market, or recommend any plan or arrangement. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.