The IRS increased the dollar limits on contributions to profit-sharing and SEP plans to $61,000 (up from $58,000 in 2021). The limit on 401(k)s: $20,500, plus $6,500 for those 50 and older by the end of 2022. The limit on contributions to traditional and Roth IRAs is unchanged, but modified adjusted gross income limits on eligibility to deduct contributions to traditional IRAs or contribute to Roth IRAs have increased. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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