IRA Contributions for your 2021 taxes - ONealCPA

Or Call: 281-221-0870

Or Call: 281-221-0870

IRA Contributions for your 2021 taxes

Deadline for contributions to your IRA is April 18th

Individual retirement accounts (IRAs) are one of the most popular ways to build your retirement savings. Each year, the IRS adjusts the rules for IRA eligibility #IRS based on inflation. In 2022, those adjustments will make a big difference in who can contribute to a Roth IRA, and who can deduct their contributions to a traditional IRA from their taxable income. For traditional and Roth IRAs, you can contribute $6,000 for 2022, which is unchanged form 2021. Retirement savers age 50 plus can chip in an extra $1,000 a year as a catch up contribution, so $7,000 in all- unchanged form 2021.