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As the new year 2022 begins, it is a good time to review your retirement plans and assess how much you can contribute towards them. One of the essential aspects of retirement savings is being able to deduct contributions from your taxable income. The IRS has recently announced the maximum retirement contribution deductions for 2022 and 2023, which apply to various retirement accounts such as 401k, SEP, IRA, Roth, Simple, as well as Small Business plans.

Let’s take a closer look at each of the retirement plans and their contribution limits and deduction amounts for 2022 and 2023.

401k plan

For 401k plans, the contribution limit for 2022 and 2023 remains at $19,500 annually. However, for employees aged 50 and over, an additional catch-up contribution of $6,500 is allowed for both years. The maximum contribution limit for 2022 and 2023 for those aged 50 and over, then is $26,000.

SEP Plan

A simplified employee pension (SEP) plan is a retirement savings plan for small-business owners and self-employed individuals. The contributions towards SEP plans are typically made by the employer, and the limits are based on a percentage of the employee’s compensation. The contribution limit for 2022 and 2023 is 25% of the employee’s compensation or a maximum of $61,000, whichever is less. This contribution is tax-deductible.

IRA Plan

An individual retirement arrangement (IRA) is a personal retirement savings account. The contribution limit for IRAs in 2022 and 2023 is $6,000 per year for individuals below the age of 50. Those aged 50 and over can contribute an extra $1,000 per year. The contributions are tax-deductible if you meet specific income criteria.

Roth IRA Plan

A Roth IRA is another type of individual retirement arrangement account where qualified withdrawals are tax-free. The contribution limits for Roth IRAs in 2022 and 2023 remain the same as for IRAs, with $6,000 for those below the age of 50, and an additional $1,000 catch-up contribution for those aged 50 and over. However, Roth IRA contributions are not deductible from taxable income.

Simple IRA Plan

A Savings Incentive Match Plan for Employees (Simple IRA) is another type of retirement plan for small businesses. The contribution limits for Simple IRA plans in 2022 and 2023 are $14,000 for those below the age of 50 and an additional catch-up contribution of $3,000 for those aged 50 and over. Employers can match contributions up to a certain percentage of the employee’s compensation. Both employer contributions and employee contributions are tax-deductible.

Small Business Plan

There are several types of retirement plans available for small businesses, including the 401(k), SEP, and Simple IRA plans mentioned above. These plans offer various contribution limits and tax-deductible options for employers and employees. Small businesses should consider consulting with a financial advisor to determine which plan is best for their budget and retirement goals.

In conclusion, understanding the maximum retirement contribution deduction for different retirement plans is essential for planning your retirement savings strategy. By contributing the maximum amount to eligible plans, you can reduce your taxable income and increase your retirement savings simultaneously. The IRS has made it easier with these guidelines, and it’s up to us to make good use of them.