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So far Mike Ruiz Murillo has created 2 blog entries.

401(k) Contribution Limits Increase to $22,500 for 2023, and IRA Limit Rises to $6,500

 

The IRS is raising the bar on retirement savings by increasing the annual contribution limits to 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan.  To the plans just mentioned, participants can look forward to a $22,500 contribution limit for the 2023 tax year, which increased from the previous $20,500 limit (2022 tax year).  Also in 2023, IRA contributions will increase to $6,500, from $6,000 (2022 tax year).

    • Catch-up contributions towards 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increase to $7,500, up from $6,500 in 2022.
    • SIMPLE plans increase to $3,500, up from $3,000 in 2022.

For additional detail on allowed contributions to all retirement plans, please refer to the following IRS press release here.

By |November 9th, 2022|Categories: IRS, Retirement Planning|Comments Off on 401(k) Contribution Limits Increase to $22,500 for 2023, and IRA Limit Rises to $6,500

Inflation Reduction Act of 2022: Clean Vehicle Energy Credit

 

With the recent passing of the Inflation Reduction Act, you can reap the benefit of a $7,500 tax credit on purchasing a new electric vehicle. The new law also includes guidance on purchasing used electric vehicles, which are eligible for a credit for the lesser of $4,000 or 30% of the sales price. To qualify for this credit, there are adjusted gross income limitations as below.

Single – $150,000

Married filing joint – $300,000

Head of household – $225,000

To be eligible under the Inflation Reduction Act, the qualifying vehicle must be purchased after August 16, 2022. Visit this link to see if your new vehicle is eligible – https://afdc.energy.gov/laws/inflation-reduction-act.  If you were in a binding contract to purchase a qualifying clean vehicle and did not take possession of the vehicle until after […]

By |October 4th, 2022|Categories: BCo Community News, Individual Tax, IRS|Comments Off on Inflation Reduction Act of 2022: Clean Vehicle Energy Credit
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