IRS Announces Higher 2022 Retirement Account Contribution Limits For 401(k)s, Not IRAs
An inflation-adjusted figures for retirement account savings for 2022 was posted by The Treasury Department. Yet the contribution limits for Individual Retirement Accounts stays the same since 2019.
The increase in contribution limit presents an opportunity to save for retirement and reduce your tax liability. To the extent that a taxpayer can afford it, they should contribute the max.
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