As we approach the end of another year, it’s a good idea to review your tax-advantaged savings and be sure you’re maximizing all opportunities for which you are eligible. Additionally, there have been quite a few changes to the limits for 2023, so now is the time to make adjustments to your automatic deferrals or savings.
For those of you who are turning 50 or 55 this year, you may also be eligible for additional catch-up contributions to your employer-sponsored retirement plans or health savings account.
Please take note of these IRS limits for 2022 and 2023:
And be sure to talk to your CPA regarding your eligibility to make ROTH or IRA contributions. The contribution limits have changed and you have until the tax deadline, April 17th, to make contributions for 2022.
As always, please feel welcome to call our office with any questions or concerns and to wrap up any end-of-year items such as charitable gifting, Roth conversions, or any other contribution or distribution needs.
IRA tax deductibility and contribution eligibility may be restricted if your income exceeds certain limits, please consult with a financial professional for more information.
While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You sohuld discuss tax or legal matters with the appropriate professional.
Stonegate Financial is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.
The Forbes ranking of Best-In-State Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors that are considered have a minimum of seven years’ experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Out of approximately 32,725 nominations received, based on thresholds, more than 5,000 advisors received the award. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receives a fee in exchange for rankings. This ranking is not indicative of advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit https://www.forbes.com/best-in-state-wealth-advisors for more info.