NEWSLETTER: For 2022 a few key numbers have changed based on inflation

Advisors Financial Inc. |

New Year, New Numbers!

  1. The maximum 401k (and 403B/457) annual contribution is now $20,500 with a $6,500 catchup for those over age 50. Remember to check if you are on a 24 or 26 pay period schedule when calculating your new deferral amount. There has been no change for IRA and Roth IRA contribution amounts
  2. The maximum annual gift exclusion is now $16,000.
  3. For those age 72 and over, the factor that determines the percentage that you need to withdraw from your retirement accounts each year has been updated by the IRS.
We will take care of this for all the accounts that we manage.



Key Dates For Your 2021 Tax Documents

  • 1099-R IRA distribution forms are expected to be available after January 15th.
  • 1099’s for regular taxable accounts are expected to be available at the end of February.


Please be advised that the contents of this post is for educational purposes only and should not be understood as investment advice.