Americans will be able to save more in their workplace retirement accounts, the Internal Revenue Service said on Thursday.
Americans will be able to save more in their workplace retirement accounts in 2022, the Internal Revenue Service said on Thursday.
The income thresholds for qualifying deductible contributions to traditional IRAs also increased. Americans can always contribute to traditional IRAs, but must meet income limits in order to deduct their contributions for calculating their adjusted gross income if they participate in a workplace retirement savings plan. The income ranges also increased to claim the Saver’s Credit.
The contribution limits for IRAs also remained unchanged, at $6,000 with an additional $1,000 for catch-up contributions for savers age 50 and older.
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