Fund Your Roth IRA before Tax Day

• Tax Day is Monday, April 18th
• Choose from a wide variety of investment products
• Refine your retirement strategy with innovative tools and calculators
• Take advantage of potential tax benefits

IRA contribution limitsLearn about income and contribution limits for contributing to traditional and Roth IRAs.2021 and 2022 traditional & Roth IRA contribution limits Total annual contributions to your traditional and Roth IRAs combined cannot exceed:

• 2021: $6,000, 2022: $6,000 (under age 50)
• 2021: $7,000, 2022: $7,000 (age 50 or older)

Roth IRA vs Traditional IRAContributing To My Roth IRA Vs. My Traditional IRAShould I Contribute To My Roth IRA Vs. My Traditional IRA?

When saving for retirement, clients will often ask which account they should be making contributions to – a traditional IRA or a Roth IRA? The answer depends on several different factors that should be considered and discussed.

To assist in this conversation, we have prepared the “Should I Contribute To My Roth IRA Versus My Traditional IRA?” flowchart. This flowchart considers:

• Eligibility to deduct contributions to a traditional IRA
• Eligibility to make contributions to a Roth IRA
• Current tax rates vs. future tax rates
• Ability to max out the contributions
• RMD impact

Contributing To My Roth IRACan I Contribute To My Roth IRA?

A Roth IRA is a great option for clients looking to save after-tax dollars, offering the opportunity for tax-free growth and relaxed distribution rules. Unfortunately, eligibility to contribute to a Roth IRA is subject to restrictions, which can cause confusion.

To help make the analysis easier, we have created the “Can I Contribute To My Roth IRA” flowchart. It addresses the key eligibility considerations, including:

• Earned income
• Other (traditional) IRA contributions
• Filing status-based MAGI thresholds

Download our Roth IRA Checklist

Roth IRA Deadline NoticeIR-2022-52, March 8, 2022

WASHINGTON — The Internal Revenue Service reminds taxpayers they may be able to claim a deduction on their 2021 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 18, 2022.

An IRA is a personal savings plan that lets employees and the self-employed set money aside for retirement and can have tax advantages. Contributions for 2021 can be made to a traditional or Roth IRA until the filing due date, April 18, but must be designated for 2021 to the financial institution.

Generally, eligible taxpayers can contribute up to $6,000 to an IRA for 2021. For those 50 years of age or older at the end of 2021, the limit is increased to $7,000. Qualified contributions to one or more traditional IRAs may be deductible up to the contribution limit or 100% of the taxpayer's compensation, whichever is less. There is no longer a maximum age for making IRA...