NEW contribution limits and income limits for 401k, 457b, 403b, TSP, IRA, HSA, FSA, Simple IRA, Simple 401k, and SEP IRA are detailed in this video. These all are tax advantageous accounts that you should be taking advantage if they are available to you. Because the benefits of these accounts are so good the IRS puts requirements on them, which we discuss in this video. Start thinking about budgeting your 2022 contributions now.
👨💻 Spreadsheet with just the numbers:
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1. Rich Dad Poor Dad: What the Rich teach their kids about money that the poor and middle class do not.
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This video is not sponsored. Some product links are affiliate links which means if you buy something I may receive a small commission at no extra cost to you. This is not investment advice.
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00:00 Intro
00:30 IRA
02:11 401k, 403b, 457b, TSP
03:27 HSA
04:16 FSA
04:27 Simple IRA/401k
04:47 SEP IRA…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
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Self employed, can I contribute 6k to a roth and 59k to a sep? My accountant can't tell me that. Help
Why is the contribution limit so much higher on some accounts like the Simple?
So, if someone has 2 jobs and both have a 401k, can that employee contribute 20.5 to both 401k or are they capped out in all 401ks to 20 5?
Thanks for the information Tim. I got called to active duty and my civilian employer is still paying me. I decided to use all of my civilian check to contribute to my 401k and a big chunk to contribute to my TSP and IRA. Can I contribute $20,500 to my Roth TSP and an additional $20,500 to my Roth 401k? If so where can I find this information?
Hi is there a penalty for over contributing to an IRA?
New to subscriber to your channel. Great, informative content. … Thanks for touching on catch-up contributions in this video. Can you provide a little more detail on the pros/cons for doing/not doing so vs. using the additional $ elsewhere? Assume married filing jointly; over 50; maxed out contributions in TSP and to one traditional IRA; and mortgage balance being only debt. TIA.
Thank you for the summary. Would you please add a row for the FSA Dependent care?
I hope you get more subscribers as you are very knowledgeable about personal finance and have good presentation skills.
Has the law passed yet that takes away the back door Roth IRA? Unfortunately my wife and I make too much and cannot directly contribute to the Roth IRA account. We transferred $6000 each from a traditional IRA to the Roth IRA this year. If the law has passed, when does it go into effect? Am I able to do the same thing in January 1, 2022 for the contribution year of 2022 and still be ok?
I'm new into the TSP world and ready to max that out for 2022. For the contribution limit of $20,500, is that $20,500 PLUS my employer's 5% match or not? I don't want to overcontribute and pay the penalty. Thanks in advance for the answer, Tim. 🙂
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Can I max out my companies 401k plan and max out a Roth IRA as well?
Yup Biden not helping anyone retirement or simple living. Thanks Biden.
I don't understand why they kept it so low for the IRA…have they not seen inflation? Not even a $500 increase? It's been the same for now 4 straight years. So disappointing. Funny how they even raise the income limits but not the contribution limits. For some people they don't have 401k plans.
Tim we appreciate you!
Nice job Tim!! Good info to have early. Way to stay ahead of the curve!
Very helpful to have this info in early November of the $$$ limits for 2022 in order to plan & set up arrangements for January 2022