Important Tax strategy before 18th April

The Internal Revenue Service announced that the nation’s tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year return.
Taxes can filed without any penalty until April 18th 2023.

If you have NOT contributed to your Traditional IRA or Roth IRA, now is the time to contribute. You can contribute until April 18th 2023 for the 2022 Financial year.

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How much can I save in Roth and Traditional IRA ?

Use the below table as reference based on your MAGI limits and If you are covered by a retirement plan in your workplace.

From IRS.gov

If you are not covered by a retirement plan in your workplace, then use the below table as reference based on your MAGI

From IRS.gov

Max savings for a full deduction is $6000, and you can use this tax refund to invest in a Treasury Direct bond to maximize the savings.

Happy Investing !!!

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