Broker Check

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).


SIMPLE IRA CONTRIBUTION LIMITS
2023
Max yearly contribution (2023)
–$15,500 or $19,000 @ age 50
- Employer Contribution Limits - Max 3% of employee contributions
Required Minimum Distributions must start at age 73 1/2


SELF EMPLOYED PLANS - SEP IRA

See IRS publication 560 for Retirement Plans for Small Businesses.
http://www.irs.gov/publications/p560/

2023
SEP Contributions Limits
Max yearly contribution (2023)
–$6,500 or $7,500 @ age 50
- Employer Contribution Limits up to 25% of employee's compensation or $66,000, whichever is less
Required Minimum Distributions must start at age 73 1/2

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.

Non-Qualified Accounts

  • Individual - one owner
  • Joint - more than one owner
    • (JTWROS) Joint with Rights of Survivorship
    • (TIC) Tenants in common
  • Accounts for Minors
    UGMA - Uniform Gifts to Minors Act
    UTMA - Uniform Transfers to Minors Act
  • Trust - Revocable vs Irrevocable

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