Do you know the 2022 tax-related contribution limits?
More and more of the 2022 tax related numbers have been released by the IRS throughout 2021. Here are those thresholds.
These numbers were released earlier this year
Self HSA contribution – $3650 (up from $3600)
Family coverage HSA contribution – $7300 (up from $7200)
Social Security wage base – $147,000 (up from $142,800)
New from the IRS as of November 4, 2021:
Contribution limits +$1k limit on the 403b and 457b contribution ($19.5k -> $20.5k). Everything else stays the same ($6k IRA, $1k IRA catch up, $6.5k 403b catch up).
Phase out ranges for deductibility of IRA contributions:
| Tax filing status | 2022 AGI | 2021 AGI |
| Single, Head of household | $68-78k | $66-76k |
| Married filing jointly, Qualifying widow/widower | $109-129k | $105-125k |
and eligibility for Roth IRA contributions:
| Tax filing status | 2022 AGI | 2021 AGI |
| Single, Head of household | $129-144k | $125-140k |
| Married filing jointly, Qualifying widow/widower | $204-214k | $198-208k |
Highly compensated employee threshold went from $130k -> $135k.
And the maximum plan contribution limit will be $61k (up from $58k).
Happy budgeting and planning for 2022!
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