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Tax Day 2023 will be here shortly. While everyone's gathering together their W2s, Form 1098-Es, and business receipts, there is still time to make an impact on what you owe in 2023. And it’s a double whammy because it also means you’re saving for the future.
As soon as possible, contribute to your retirement funds. For 2022, you’re allowed to put away as much as $6,000 in a traditional IRA or Roth IRA. That number goes up to $7,000 for those 50 and older.
For those with a a Roth 401(k) or traditional 401(k), the maximum pretax contribution is $20,500
If you didn’t hit that mark last year, no worries; the deadline to do so is Tax Day, April 18, 2023.
Don’t have an IRA? You can actually set one up and invest up to the max before the deadline and still have it count toward 2022. You also have the option to put the investments toward 2023 if you so choose, but that won’t count toward your 2022 tax break.
Another way to save is to stash money in your Health Savings Account, designed for those with a high-deductible health plan. For 2022, you can store up to $3,650 in your HSA if you have single coverage or $7,300 if you have a family plan. Throw in an extra $1,000 if you’re 55 and older. However, those funds can only be used for qualified medical expenses.
Similar rules apply for the self-employed. Those with SEPs and Keoghs can invest as much as 25% of your net earnings, up to $61,000.
If you’re interested in saving for retirement, visit https://www.riverwind.bank/ContactUs to contact the RiverWind location nearest you!
100 S. Second St
Hwy 64 & 9th St.
901 ASU Blvd