CironeFriedberg, LLP

Client Portal
Online Payment
Newsletter Signup
MENUMENU
  • About
  • Team
    • Partners/Principals
    • Managers
  • Services
    • Audit & Assurance
    • Client Accounting Services
    • Business Tax
    • Business Valuation
    • Individual Tax
    • Outsourced CFO/Controller
    • Accounting Advisory
    • Forensic & Litigation
  • Industries
  • Careers
  • Insights
  • Contact
  • ONLINE PAYMENT
  • NEWSLETTER SIGNUP
MENUMENU
  • About
  • Team
    • Partners/Principals
    • Managers
  • Services
    • Audit & Assurance
    • Client Accounting Services
    • Business Tax
    • Business Valuation
    • Individual Tax
    • Outsourced CFO/Controller
    • Accounting Advisory
    • Forensic & Litigation
  • Industries
  • Careers
  • Insights
  • Contact
  • ONLINE PAYMENT
  • NEWSLETTER SIGNUP

April 2022 Tax Deadlines

March 8, 2022 by David Moseman CPA

Upset man standing on huge tax letters

April is a busy month for tax filing. Be aware of upcoming deadlines in 2022 to avoid penalties. For guidance on your personal tax situation, consult your CPA.

April 1

First Required Minimum Distribution (RMD) by Individuals Who Turned 72 in 2021 RMD is the annual minimum amount you must withdraw from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ before January 1, 2020). IRS link for more information.  

April 11

Report Tips Earned in March 2022 to Employer Use this form to report tips you receive to your employer. This includes cash tips, tips you receive from other employees, and debit and credit card tips. IRS Form 4070

April 18 Deadlines

File 2021 Tax Returns (Form 1040) and Pay Tax Due (except for residents of Maine and Massachusetts) Submit 2021 Tax Returns or An Extension to File and Pay Tax Owed

  • By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. This year, Maine and Massachusetts taxpayers have until April 19, 2022, to file their returns. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file. IRS Link for more information. 

File Schedule H and Pay Employment Taxes for Household Employees

  • If you had a household employee, you need to withhold and pay social security and Medicare taxes. IRS Link for more information. 

First Estimated Tax Payment for 2022 is Due

  • Estimated tax is the method used to pay tax on income not subject to withholding (e.g., earnings from self-employment, interest, dividends, rents, alimony, etc.). Form 1040-ES

Make Retirement Account Contributions for 2021

  • This includes 2021 contributions, within limits, to your Individual Retirement Account (IRA), Solo 401(k) Plan or Simplified Employee Pension (SEP) Plan for 2021 by Self-Employed if filing of Form 1040 was not extended.

Withdraw Excess 2021 IRA Contributions to Avoid Penalties (if Form 1040 filing was not extended) Contribute to Health Savings Account (HSA) for 2021

April 19

File 2021 Tax Return (Form 1040) and Pay Tax Due for residents of Maine and Massachusetts

  • If you live in Maine or Massachusetts, the tax filing due date falls on April 19, since April 18 is a holiday (Patriot’s Day) in those states.

If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford) or email us at info@cironefriedberg.com.

Filed Under: Individual Taxes Tagged With: 2021 taxes, 401(k), tax deadlines

IRS Announces 2022 Limits for Retirement Plans

November 23, 2021 by Mike Jodon CPA CVA

IRS Retirement Savings and Jar of Money

The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Here are the phase-out ranges for 2022:

  • For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to $68,000 to $78,000, up from $66,000 to $76,000.
  • For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to $109,000 to $129,000, up from $105,000 to $125,000.
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the phase-out range is increased to $204,000 to $214,000, up from $198,000 to $208,000.
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The limit on annual contributions to an IRA remains unchanged at $6,000. Roth IRA limits are changed. The income phase-out range for taxpayers making contributions to a Roth IRA is increased to $129,000 to $144,000 for singles and heads of household, up from $125,000 to $140,000. For married couples filing jointly, the income phase-out range is increased to $204,000 to $214,000, up from $198,000 to $208,000. The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains $0 to $10,000. Savers Credit and SIMPLE are both up. The income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers is $68,000 for married couples filing jointly, up from $66,000; $51,000 for heads of household, up from $49,500; and $34,000 for singles and married individuals filing separately, up from $33,000. The amount individuals can contribute to their SIMPLE retirement accounts is increased to $14,000, up from $13,500. Catch-up provisions remain unchanged. The IRA catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $6,500. Therefore, participants in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan who are 50 and older can contribute up to $27,000, starting in 2022. The catch-up contribution limit for employees aged 50 and over who participate in SIMPLE plans remains unchanged at $3,000.  

 

If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford) or email us at info@cironefriedberg.com.

 

Filed Under: IRS, Retirement Investments Tagged With: 401(k), IRA, Retirement, Roth IRA

Have questions? Click here to connect with us!
  • About
  • Team
  • Industries
  • Careers
  • Insights
  • Contact
  • Privacy Policy

SERVICES

  • Audit & Assurance
  • Business Tax Services
  • Business Valuation
  • Individual Tax
  • Outsourced CFO/Controller
  • Forensic Litigation
  • Accounting Advisory
  • Client Accounting

Bethel, CT

24 Stony Hill Road
Bethel, CT 06801

Phone: 203-798-2721
Fax: 203-743-0280
Email Us

SHELTON, CT

6 Research Drive, Suite 450
Shelton, CT 06484

Phone: 203-366-5876
Fax: 203-366-1924
Email Us

Darien, CT

320 Boston Post Rd, Suite 180
Darien, CT 06820

Phone: 203-359-1100
Fax: 203-366-1924
Email Us

STAY CONNECTED

NEWSLETTER SIGNUP
follow us on facebook connect with us on linkedin
CironeFriedberg provides services in Fairfield and New Haven Counties in CT and Dutchess, Putnam, and Westchester Counties in NY
© 2022 CironeFriedberg, LLP
WEB DESIGN: WIETING DESIGN.COM
  • About
  • Team
    • Partners/Principals
    • Managers
  • Services
    • Audit & Assurance
    • Client Accounting Services
    • Business Tax
    • Business Valuation
    • Individual Tax
    • Outsourced CFO/Controller
    • Accounting Advisory
    • Forensic & Litigation
  • Industries
  • Careers
  • Insights
  • Contact
  • ONLINE PAYMENT
  • NEWSLETTER SIGNUP