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2021
MAXIMUM IRA CONTRIBUTION
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2021 $6,000
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Age 50 or older $7,000
401K AND 403B CONTRIBUTION
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2021 $19,500
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Age 50 or older $26,000
SIMPLE PLANS
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2021 $13,500
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Age 50 or older $16,500
DEFINED CONTRIBUTION PLAN
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Annual Total $58,000
SEP PLAN CONTRIBUTIONS
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25% of compensation $290,000
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Maximum contribution $58,000
FICA WAGE BASE
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Social Security $142,800
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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: $2,435
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All Others: $1,219
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: .56/mi
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Medical or Moving: .16/mi
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Charitable: .14/mi
HSA CONTRIBUTIONS
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2021 amounts Self Only/Family Coverage
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Contribution Limit $3,600/$7,200
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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 $7,000/$14,000
AGI LIMITS FOR ROTH IRA CONTRIBUTIONS
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Single, Head of Household $125,000 – $140,000
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Married Filing Joint or Qualifying Widow $198,000 – $208,000
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Married Filing Separate $0 – $10,000
2022
MAXIMUM IRA CONTRIBUTION
-
2022 $6,000
-
Age 50 or older $7,000
401K AND 403B CONTRIBUTION
-
2022 $20,500
-
Age 50 or older $27,000
SIMPLE PLANS
-
2022 $14,000
-
Age 50 or older $17,000
DEFINED CONTRIBUTION PLAN
-
Annual Total $61,000
SEP PLAN CONTRIBUTIONS
-
25% of compensation $305,000
-
Maximum contribution $61,000
FICA WAGE BASE
-
Social Security $147,000
-
Medicare no limit
ARIZONA TAX CREDIT DONATIONS
Qualifying Charitable Organizations:
-
Married Joint: $800
-
All Others: $400
Qualified Foster Care Credit:
-
Married Joint: $1,000
-
All Others: $500
Public & Charter Schools
-
Married Joint: $400
-
All Others: $200
School Tuition Organizations:
-
Married Joint: $2,483
-
All Others: $1,243
DEDUCTION LIMIT FOR LONG TERM CARE INSURANCE
-
Age 40 or less $450
-
Age 41-50 $850
-
Age 51-60 $1,690
-
Age 61-70 $4,520
-
Age 71 and older $5,640
STANDARD MILEAGE RATES
-
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
-
Charitable: .14/mi
HSA CONTRIBUTIONS
-
2022 amounts Self Only/Family Coverage
-
Contribution Limit $3,650/$7,300
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Age 55 & Over Additional Catch Up $1,000/ –
-
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
-
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