Wanted to let you know that the IRS announced on Friday(21 October) that they will be increasing the contribution limits for 401K(and similar Employer Plans) and IRA(Traditional and ROTH) contributions.
1. IRA Contribution limit increases from $6,000/yr to $6,500/yr for those under 50, a. for those over 50, increases from $7000/yr to $7,500/yr
2. 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan for those under 50, Contribution limit increases from $20,500 to $22,500(Roth and Traditional Employer Plans)a. For those over 50, the contribution limit increases from $29,500 to $30,000/yr(both ROTH and Traditional Employer Plans)
3. For Small Business Owners who have a SIMPLE IRA, The contribution limit increases for individuals from $14,000 to $15,500 per year.
I highly recommend you take advantage of these increased limits starting in January of 2023. If you have any questions about other more specific details of these changes, please give us a call…..this is a great time to take advantage of the downturn in the market.
For our clients.....We will be reaching out to those of you who are making IRA and/or Employer contributions in the next couple of months.
The DALA Financial Team...
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