At A Glance – It’s a great time to check your accounts for Year-End Investment and Tax Planning. Here are some important numbers for 2022.
This article contains several tables with important numbers for 2022. Not all numbers will apply to you. Here are a few abbreviations used in these tables:
Key Takeaway – The 4th Quarter is a great time to make sure you have maxed out retirement accounts and HSA’s. Also, evaluate your numbers to make the final decisions on when to execute a taxable event such as a ROTH ladder or gift.
Assignment – Check all your retirement accounts such as 401k’s, HSA’s, and IRA’s to make sure they have been maxed out if possible. Check your expected tax bracket and standard deduction for any income that needs to be brought forward into the 2022 tax year or possibly deferred to another year. If you are reaching 65 years old, look at your income level to see if the IRMAA surcharges will apply to you and check if you can appeal them.