In February of this year, the course materials for our cost-effective IRA Fundamentals course were updated with the latest regulatory and table changes from the IRS. Our self-paced course has helpful handouts that can be used as quick guides and references to the material. Receive a 20% discount on the course price from April 1, 2022 – April 15, 2022 through online enrollment and promo code: RETIRE20
Highlights of changes for 2022
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500. Limits on contributions to traditional and Roth IRAs remains unchanged at $6,000.
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If neither the taxpayer nor their spouse is covered by a retirement plan at work, their full contribution to a traditional IRA is deductible. If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated. The amount of the deduction depends on the taxpayer’s filing status and their income.