Retirement Contributions Deadline Approaching

02/25/2022

Retirement Contributions Deadline Approaching image

Overview

Tax Day, April 18th, is a little over a month away, but there’s still time to make your 2021 retirement contributions! Here are the amounts that individuals are eligible to contribute to their Individual Retirement Account (IRA) before the April 18th contribution deadline.

IRA Contribution Limits

For tax year 2021, the IRS published the following limits on IRAs:

  • Standard Contribution Limit – $6,000 per taxpayer
  • Catch-Up Contribution Limit (Applies to taxpayers Age 50 And Over) – $7,000 per taxpayer

These limits apply to all IRA accounts for an individual taxpayer. A single taxpayer could split up to $6,000 ($7,000 if you’re age 50 or older) between their Roth IRA and traditional IRA. A married couple could invest up to $6,000 each ($7,000 each if you’re age 50 or older) to an IRA. Contributions are subject to certain limitations.

HiAccounting is on top of the latest tax news and updates. Our local of team of CPAs, accounting and tax professionals are here to help! Contact us today at 808.529.9990 and our team can help you navigate the tax rules of saving money for retirement. Take advantage today!

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California Accounting would be pleased to get in touch to discuss your accounting and tax needs.

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