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2022
MAXIMUM IRA CONTRIBUTION
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2022 $6,000
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Age 50 or older $7,000
401K AND 403B CONTRIBUTION
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2022 $20,500
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Age 50 or older $27,000
SIMPLE PLANS
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2022 $14,000
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Age 50 or older $17,000
DEFINED CONTRIBUTION PLAN
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Annual Total $61,000
SEP PLAN CONTRIBUTIONS
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25% of compensation $305,000
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Maximum contribution $61,000
FICA WAGE BASE
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Social Security $147,000
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Medicare no limit
ARIZONA TAX CREDIT DONATIONS
Qualifying Charitable Organizations:
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Married Joint: $800
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All Others: $400
Qualified Foster Care Credit:
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Married Joint: $1,000
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All Others: $500
Public & Charter Schools
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Married Joint: $400
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All Others: $200
School Tuition Organizations:
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Married Joint: $2,483
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All Others: $1,243
DEDUCTION LIMIT FOR LONG TERM CARE INSURANCE
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Age 40 or less $450
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Age 41-50 $850
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Age 51-60 $1,690
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Age 61-70 $4,520
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Age 71 and older $5,640
STANDARD MILEAGE RATES
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Business (Jan 1 – June 20, 2022): .585/mi
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Business (beginning July 1, 2022 ): .625/mi
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Medical or Moving: .18/mi
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Charitable: .14/mi
HSA CONTRIBUTIONS
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2022 amounts Self Only/Family Coverage
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Contribution Limit $3,650/$7,300
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Age 55 & Over Additional Catch Up $1,000/ –
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Plan minimum deductible $1,400/$2,800
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Plan out-of-pocket limit $7,050/$14,000
AGI LIMITS FOR ROTH IRA CONTRIBUTIONS
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Single, Head of Household $129,000 – $144,000
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Married Filing Joint or Qualifying Widow $204,000 – $214,000
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Married Filing Separate $0 – $10,000
2023
MAXIMUM IRA CONTRIBUTION
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2023 $6,500
-
Age 50 or older $7,500
401K AND 403B CONTRIBUTION
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2023 $22,500
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Age 50 or older $30,000
SIMPLE PLANS
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2023 $15,500
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Age 50 or older $19,000
DEFINED CONTRIBUTION PLAN
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Annual Total $66,000
SEP PLAN CONTRIBUTIONS
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25% of compensation $330,000
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Maximum contribution $66,000
FICA WAGE BASE
-
Social Security $160,200
-
Medicare no limit
ARIZONA TAX CREDIT DONATIONS
Qualifying Charitable Organizations:
-
Married Joint: $841
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All Others: $421
Qualified Foster Care Credit:
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Married Joint: $1,051
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All Others: $526
Public & Charter Schools
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Married Joint: $400
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All Others: $200
School Tuition Organizations:
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Married Joint: $2,609
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All Others: $1,307
DEDUCTION LIMIT FOR LONG TERM CARE INSURANCE
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Age 40 or less $480
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Age 41-50 $890
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Age 51-60 $1,790
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Age 61-70 $4,770
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Age 71 and older $5,960
STANDARD MILEAGE RATES
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Business: .655/mi
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Medical or Moving: .22/mi
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Charitable: .14/mi
HSA CONTRIBUTIONS
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2023 amounts Self Only/Family Coverage
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Contribution Limit $3,850/$7,750
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Age 55 & Over Additional Catch Up $1,000/ –
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Plan minimum deductible $1,500/$3,000
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Plan out-of-pocket limit $7,500/$15,000
AGI LIMITS FOR ROTH IRA CONTRIBUTIONS
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Single, Head of Household $138,000 – $153,000
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Married Filing Joint or Qualifying Widow $218,000 – $228,000
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Married Filing Separate $0 – $10,000