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There's Still Time to Contribute to Your IRA for 2022!

There's Still Time to Contribute to Your IRA for 2022!

March 01, 2023

One of the services we provide to our clients that they find most valuable is education around retirement savings options and tax strategies.

This month we are focusing on rules related to individual tax qualified accounts, because there's still time to contribute for 2022! (This also may be excellent timing given last week's market downturn. While I don't play the marking timing game, it certainly makes sense to take advantage of opportunities when they arise!)

Below, find a flowchart to learn more about your individual retirement savings options for 2022:

 

1) CAN I CONTRIBUTE TO MY ROTH IRA?

2) CAN I MAKE A DEDUCTIBLE IRA CONTIRBUTION?

3) SHOULD I CONTRIBUTE TO MY ROTH IRA OR TRADITIONAL IRA?

4) CAN I MAKE A BACK-DOOR ROTH IRA CONTRIBUTION?


Please note: tax information is provided to aid in discussion and for educational purposes, only. Cambridge and its advisors do not offer tax or legal advice. Please consult with a qualified tax and/or legal professional for specific recommendations.