It is that time of year again, Tax Season.

April 18th is the deadline for filing your individual tax return for 2022 (or requesting an extension). It is also the deadline for making certain contributions to Individual Retirement Accounts (IRAs) and Roth IRAs.

The IRA contribution limit for tax year 2022 is $6000 (or $7000 if you are age 50+).

The rules for eligibility and tax deductibility vary by IRA type, tax filing status, and earned income. Many of ATX Portfolio Advisors’ clients contribute to IRAs for themselves, non-working spouses, or dependents that have earned income. I have written about many of those strategies in the past, of which I have included a few below:

If you have questions about contributing to an IRA for you or a loved one, get in touch soon!