2021 Standard Mileage Rates:
2022 Standard Mileage Rates:
The daily meal allowance for most us locations is $64 and $74 for high-cost localities. 50% of this will generally be deductible for business travel meals. You can look up the per diem rates for specific locations here The rate for transportation workers (truckdrivers) is $69 with a deductible rate of 80%.
2021 Retirement contribution limits:
Individual Retirement Accounts. The limit on annual contributions to an Individual Retirement Account (pretax or Roth or a combination) remains at $6,000 for 2021. The catch-up contribution limit, which is not subject to inflation adjustments, remains at $1,000.
Roth IRA Phase-Outs. In 2021, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $198,000 to $208,000 for married couples filing jointly, up from $196,000 to $206,000 in 2020. For singles and heads of household, the income phase-out range is $125,000 to $140,000, up from $124,000 to $139,000 in 2020.
The SIMPLE. The contribution limit for SIMPLE retirement accounts is unchanged at $13,500 for 2021. The SIMPLE catch-up limit is still $3,000.
Employee 401(k)s. The annual contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $19,500 for 2021—for the second year in a row. The catch-up contribution limit for employees age 50 or older in these plans also remains steady: it’s $6,500 for 2021. Even if you don’t turn 50 until December 31, 2021, you can make the additional $6,500 catch-up contribution for the year. Please note that these are the maximum numbers. Contributions are limited to 25% of compensation.
SEP IRAs and Solo 401(k)s. For the self-employed and small business owners, the amount they can save in a SEP IRA or a solo 401(k) goes up from $57,000 in 2020 to $58,000 in 2021. That’s based on the amount they can contribute as an employer, as a percentage of their salary; the compensation limit used in the savings calculation also goes up from $285,000 in 2020 to $290,000 in 2021.
2022 Retirement Contribution Limits:
IRA's. IRA contribution limits remain at $6000 with a $1000 age 50 catch up amount for 2022. Phase out ranges are $204000 to $21400 for married joint $129,000 to $144,000 for single filers. Once your income reach these upper limits Roth IRA contributions will be limited to zero.
Employee 401(k) contributions for 2022 will top off at $20,500—a $1,000 increase from the $19,500 cap for 2021 and 2020—the IRS announced on Nov. 4. Plan participants age 50 or older next year can contribute an additional $6,500.
SIMPLE contribution limits are up to $14000 over 2021's $13500. The age 50 and older catch up contribution remains unchanged at $3000.
Employee 401(k)s. The 401(k) contribution limit will increase to $20,500 in 2022. The cath-up contribution for participants over age 50 remains the same at $6500.
SEP IRAs and Solo 401(k)s - The IRS increased 2022 contribution limits for self-employed persons who contribute to a SEP IRA or Solo 401(k) from $58,000 to $61,000. For those 50 or older, there is also a $6,500 catch-up contribution amount allowing total contributions in 2022 of $67,500.
2021 HSA Contribution Limits:
An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,600 — up $50 from 2020 — for the year to their HSA. The maximum out-of-pocket has been capped at $7,000. An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,200 — up $100 from 2020 — for the year. The maximum out-of-pocket has been capped at $14,000.An additional catch-up contribution of $1,000 per year is available for individuals 55 and older. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.
2022 HSA Contribution Limits:
The annual inflation-adjusted limit on HSA contributions will be $3,650 for self-only and $7,300 for family coverage. That's about a 1.4 percent increase from 2021. The catch up amount for individuals 55 or over remains unchanged at $1000.
- 56 cents per mile for business purposes
- 16 cents per mile for medical or moving purposes
- 14 cents per mile for charitable purposes
2022 Standard Mileage Rates:
- 58.5 cents per mile for business purposes
- 18 cents per mile for medical or moving purposes
- 14 cents per mile for charitable purposes
The daily meal allowance for most us locations is $64 and $74 for high-cost localities. 50% of this will generally be deductible for business travel meals. You can look up the per diem rates for specific locations here The rate for transportation workers (truckdrivers) is $69 with a deductible rate of 80%.
2021 Retirement contribution limits:
Individual Retirement Accounts. The limit on annual contributions to an Individual Retirement Account (pretax or Roth or a combination) remains at $6,000 for 2021. The catch-up contribution limit, which is not subject to inflation adjustments, remains at $1,000.
Roth IRA Phase-Outs. In 2021, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $198,000 to $208,000 for married couples filing jointly, up from $196,000 to $206,000 in 2020. For singles and heads of household, the income phase-out range is $125,000 to $140,000, up from $124,000 to $139,000 in 2020.
The SIMPLE. The contribution limit for SIMPLE retirement accounts is unchanged at $13,500 for 2021. The SIMPLE catch-up limit is still $3,000.
Employee 401(k)s. The annual contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $19,500 for 2021—for the second year in a row. The catch-up contribution limit for employees age 50 or older in these plans also remains steady: it’s $6,500 for 2021. Even if you don’t turn 50 until December 31, 2021, you can make the additional $6,500 catch-up contribution for the year. Please note that these are the maximum numbers. Contributions are limited to 25% of compensation.
SEP IRAs and Solo 401(k)s. For the self-employed and small business owners, the amount they can save in a SEP IRA or a solo 401(k) goes up from $57,000 in 2020 to $58,000 in 2021. That’s based on the amount they can contribute as an employer, as a percentage of their salary; the compensation limit used in the savings calculation also goes up from $285,000 in 2020 to $290,000 in 2021.
2022 Retirement Contribution Limits:
IRA's. IRA contribution limits remain at $6000 with a $1000 age 50 catch up amount for 2022. Phase out ranges are $204000 to $21400 for married joint $129,000 to $144,000 for single filers. Once your income reach these upper limits Roth IRA contributions will be limited to zero.
Employee 401(k) contributions for 2022 will top off at $20,500—a $1,000 increase from the $19,500 cap for 2021 and 2020—the IRS announced on Nov. 4. Plan participants age 50 or older next year can contribute an additional $6,500.
SIMPLE contribution limits are up to $14000 over 2021's $13500. The age 50 and older catch up contribution remains unchanged at $3000.
Employee 401(k)s. The 401(k) contribution limit will increase to $20,500 in 2022. The cath-up contribution for participants over age 50 remains the same at $6500.
SEP IRAs and Solo 401(k)s - The IRS increased 2022 contribution limits for self-employed persons who contribute to a SEP IRA or Solo 401(k) from $58,000 to $61,000. For those 50 or older, there is also a $6,500 catch-up contribution amount allowing total contributions in 2022 of $67,500.
2021 HSA Contribution Limits:
An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,600 — up $50 from 2020 — for the year to their HSA. The maximum out-of-pocket has been capped at $7,000. An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,200 — up $100 from 2020 — for the year. The maximum out-of-pocket has been capped at $14,000.An additional catch-up contribution of $1,000 per year is available for individuals 55 and older. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.
2022 HSA Contribution Limits:
The annual inflation-adjusted limit on HSA contributions will be $3,650 for self-only and $7,300 for family coverage. That's about a 1.4 percent increase from 2021. The catch up amount for individuals 55 or over remains unchanged at $1000.
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