Marcum 2021 Year-End Tax Guide

2021 AND 2022 DOLLAR LIMIT FOR RETIREMENT PLANS PLAN TYPES 2021 LIMITS

2022 LIMITS

Defined Contribution Plans

$58,000 $230,000

$61,000 $245,000

Defined Benefit Plans

Defined Contribution Plans - 401(k), 403(B) and 457 and Thrift Plans under Age 50

$19,500

$20,500

Age 50 and Older

$26,000 $13,500 $16,500 $290,000 $105,000

$27,000 $14,000 $17,000 $305,000 $109,000

Simple Plans: Under Age 50

Age 50 and Older

Qualified Plans - Annual Compensation Limit

Traditional IRA AGI Phase-Out (MFJ with participant in employer plan) Traditional IRA AGI Phase-Out (MFJ with taxpayer not an active participant, spouse in employer plan)

$198,000

$204,000

Traditional IRA AGI Phase-Out (Single/HOH) "Roth IRA Contributions AGI Phase-Out (Single/HOH)" Roth IRA Contributions AGI Phase-Out (MFJ)

$66,000

$68,000

$125,000

$140,000

$198,000

$208,000

Income Limit for Saver's Credit (Retirement Savings Contributions Credit) (MFJ) Income Limit for Saver's Credit (Retirement Savings Contributions Credit) (HOH) Income Limit for Saver's Credit (Retirement Savings Contributions Credit) (Single/MFS)

$66,000

$68,000

$49,500

$51,000

$33,000

$34,000

OTHER THRESHOLDS

2021 LIMITS

2022 LIMITS

SEP ANNUAL CONTRIBUTION LIMIT KEY EMPLOYEE IN A TOP-HEAVY PLAN HIGHLY COMPENSATED EMPLOYEE

$58,000 $185,000 $130,000

$61,000 $200,000 $135,000

68 | MARCUM 2021 YEAR-END TAX GUIDE