Tax Planning Support Flashcards
1
Q
T-IRA & Roth IRA Contribution Limits
A
2022: $6,000
2023: $6,500
2
Q
Roth IRA Direct Contribution Limit Phaseout
based on modified adjusted gross income
A
- Single: $138,000-$153,000
- MFJ: $218,000-$228,000
If your MAGI is above that, you’ll need to contribute indirectly via the
3
Q
Annual Gift Tax Exclusion
A
2022: $16,000
2023: $17,000
4
Q
Identify lifetime estate and gift tax exemption
(also known as the unified credit)
A
2022: $12.06M
2023: $12.92M
Couple can pass a total of $25.84M
