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Traditional* and Roth IRA** 2022 2021
Contribution limit
if you are below age 50 and will not turn 50 during the year
$6,000 $6,000
Catch-up contribution limit
if you are age 50 or older***
$1,000 $1,000
Total contribution limit if you are age 50 or older*** $7,000 $7,000
Contribution deadline**** 4/15/22 4/15/21
401(k) 2022 2021
Contribution limit
if you are below age 50 and will not turn 50 during the year
$20,500 $19,500
Catch-up contribution limit
if you are age 50 or older***
$6,500 $6,500
Total contribution limit if you are age 50 or older*** $27,000 $26,000
Contribution deadline 12/31/22 12/31/21
* Contributions to Traditional IRAs may be tax deductible. If you participate in an employer-sponsored retirement plan, the tax laws limit the deductibility of your contributions based on modified adjusted gross income (MAGI) ranges that are published annually and correspond to your federal tax filing status — if your MAGI is less than the lower limit, you are eligible for a full deduction for your contributions; if your MAGI is between the limits, you are eligible for a partial deduction; and if your MAGI is above the upper limit you are not eligible for a deduction. Anyone with earned income can make a contribution to an IRA, regardless of their age. Note that a spouse can also contribute on behalf of a spouse who has no earned income, provided the ‚Äécontributing spouse has enough earned income to cover the contributions. The Traditional IRA MAGI ranges are: $68,000-$78,000 in 2022 and $66,000-$76,000 in 2021 (single and head of household); and $109,000-$129,000 in 2022 and $105,000-$125,000 in 2021 (married filing jointly and qualified widow(er)). If you do not participate in an employer-sponsored retirement plan but your spouse does and your filing status is married filing jointly, the deductibility of your contributions is determined based on the MAGI range of $204,000-$214,000 in 2022 and $198,000-$208,00 in 2021.

Generally, if you are married filing separately, you are not entitled to a deduction for contributions to a Traditional IRA if your MAGI is $10,000 or more and you or your spouse participate in an employer-sponsored retirement plan. However, if you are married and file separately but do not live with your spouse at any time during the year, your maximum deduction is determined as if you were a single filer.

If neither you nor your spouse is covered by an employer retirement plan, the maximum deduction is either $6,000 or $7,000, depending on whether you are age 50 or older at any time during the year to which the contributions relate.

** Whether you are eligible to contribute to a Roth IRA is based on your MAGI. The tax laws limit the eligibility to contribute to a Roth IRA based on MAGI ranges that are published annually and correspond to your federal tax filing status — if your MAGI is less than the lower limit, you are eligible to contribute up to the annual contribution limit for the year; if your MAGI is between the limits, you are eligible to make a partial Roth IRA contribution; and if your MAGI is above the upper limit you are not eligible to contribute to a Roth IRA. The Roth IRA MAGI ranges are: $129,000-$144,000 in 2022 and $125,000-$140,000 in 2021 (single and head of household); and $204,000-$214,000 in 2022 and $198,000-$208,000 in 2021 (married filing jointly and qualified widow(er)).

Generally, if you are married filing separately, you are not entitled to contribute to a Roth IRA if your MAGI is $10,000 or more. However, if you are married and file separately but do not live with your spouse at any time during the year, your maximum deduction is determined as if you were a single filer.

*** You are treated as being age 50 or older if you will turn age 50 or older at any point during the calendar year to which the contributions relate.

**** You generally have until April 15th of each year to make IRA contributions for the previous year to which the contributions relate. If April 15th falls on a weekend or a holiday, the deadline is typically the next business day.

MAP3902565-11122022
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