Account Types/Registrations
Qualified Accounts for Employers or Employees
These account types have tax advantages that meet certain IRS Codes.
• Employer Sponsored Plans - 401(k), 403(b), 401(a), SIMPLE IRA
(Note - You can usually obtain free non-specific advice on these accounts
through your plan administrator).
• Self Employed Plans - SEP IRA, Keogh
See IRS publication 560 for Retirement Plans for Small Businesses.
http://www.irs.gov/publications/p560/
Qualified Accounts for Individuals
These account types have tax advantages that meet certain IRS Codes.
• IRA** (Individual Retirement Account)
Contributions are tax deductible based on AGI phase out limits
Tax Deferred Growth
Required Minimum Distributions must start at age 73 1/2 (new for 2023)
In most cases cannot contribute after age 73 1/2
2023
Max yearly contribution (2023)
–$6,500 or $7,500 @ age 50
Max Adjusted Gross Income (AGI) phase out for tax deductibility if covered by a plan at work
(2023)
–$116,000 to $136,000 Joint / $73,000 to $83,000 Single
Required Minimum Distributions must start at age 73 1/2
2022
Max yearly contribution (2022) (no increase from 2021)
–$6,000 or $7,000 @ age 50
Max Adjusted Gross Income (AGI) phase out for tax deductibility if covered by a plan at work
(2022)
–$109,000 to $129,000 Joint / $68,000 to $78,000 Single
Required Minimum Distributions must start at age 72 1/2
• ROTH IRA**
Contributions are NOT tax deductible and contributions are restricted by income levels
Tax Free Growth
NO Required Minimum Distributions
Ok to contribute after age 72 1/2
2023
Max yearly contribution (2023)
–$6,500 or $7,500 @ age 50
Max Adjusted Gross Income (AGI) phase out for allowing contributions (2023)
–$218,000 to $228,000 Joint / $138,000 to $153,000 Single
2022
Max yearly contribution (2022) (no increase from 2021)
–$6,000 or $7,000 @ age 50
Max Adjusted Gross Income (AGI) phase out for allowing contributions (2022)
–$204,000 to $214,000 Joint / $129,000 to- $144,000 Single
**See IRS publication 590 for ROTH IRA and IRA qualifications. https://www.irs.gov/uac/About-Publication-590A
**See qualified plan Contribution Limits for details.
Other Account Types
• 457(b) Deferred Compensation Plan - (Government and Non-Government).
Risk for each category varies.
Please contact Doleman Wealth Management, LLC, for more details.
Some assets held in various Account Types/Registrations may or may not offer tax benefits. Investors should consult with their tax advisor or Certified Public Accountant for their own personal situation.
*please see below for important disclosure