Even though tax filing season is well under way, there’s still time to make a regular IRA contribution for 2021. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2021 ($7,000 if you were age 50 or older on or before December 31, 2021). For most taxpayers, the contribution deadline for 2021 is Monday, April 18, 2022.
You can contribute to a traditional IRA, a Roth IRA, or both, as long as your total contributions don’t exceed the annual limit (or, if less, 100% of your earned income). You may also be able to contribute to an IRA for your spouse for 2021, even if your spouse didn’t have any 2021 income.
Continue reading “There’s Still Time to Contribute to an IRA for 2021”
Most U.S. taxpayers “completely agree” (68%) or “mostly agree” (26%) that paying their fair share of taxes is a civic duty.1 However, no one wants to pay more than his or her fair share. To help avoid doing so, consider addressing some important priorities before you begin filling out your tax forms.
Here are some steps that might help reduce stress when preparing your return. Continue reading “Plan Ahead to Help Ease the Burden of Tax Season”
Here are your 2022 Key Tax reference numbers, at a glance.
We are attaching three Key Numbers pieces that are newly updated for 2022. Continue reading “Key Numbers for 2022”