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2022 Retirement Account Contribution Limits & Tax Benefits

If you haven't maxed out your retirement accounts yet for 2022, there's still time.

Here are the 2022 contribution limits and 2022 contribution deadlines for some of the main ones:

401K - $20,500, 12/31

Traditional IRA - $6,000, 4/18

Roth IRA - $6,000, 4/18

SEP IRA - $61,000, 4/18

HSA (health savings account) - $3,650 for self coverage & $7,300 for family coverage, 4/18

And of course, the tax benefits that come with each:

401K - contributions are tax deductible

Traditional IRA - contributions are tax deductible

Roth IRA - no tax deduction but instead, distributions and growth are tax free

SEP IRA - contributions are tax deductible

HSA - contributions are tax deductible, money grows tax free & distributions for qualified medical expenses are tax free

Hope this helps. If there are questions, please let me know.

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