The IRS released their annual inflation adjustments for next year, including contribution limits, income limits for IRA contribution deductibility, and the salary threshold to classify “key” and “highly compensated employees”.
There is good news for retirement savers as individual contribution limits will increase from $19,500 in 2021 to $20,500 in 2022 for 401(k) and IRA plans. The maximum income levels allowed to make deductible contributions to both traditional and Roth IRAs, have both increased for 2022.
Want to learn more? Download Ubiquity’s 2022 IRS Contribution Limits Guide below.
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