2022 IRA Contributions

We want to remind you that the?IRA contribution deadline for 2022 is?April 18, 2023. For those who are eligible, we suggest that you consider making retirement contributions annually to take full advantage of the potential tax and long-term savings benefits of retirement savings and tax deferred growth (or tax free growth with a ROTH IRA). Please contact our office if you would like to make Traditional or Roth IRA contribution for 2022 and have not done so already.

For?2022,?your total contributions to all of your?traditional?and?Roth IRAs?cannot be more than:

• $6,000, ($7,000 if you’re age 50 or older), or
• your taxable compensation for the year,?compensation was less than this dollar limit.

For?2023,?your total contributions to all of your?traditional?and?Roth IRAs?cannot be more than:

• $6,500, ($7,500 if you’re age 50 or older), or by the end of the year; or your taxable compensation for the year.
• your taxable compensation for the year,?compensation was less than this dollar limit.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ? may result in a 10% IRS penalty tax in addition to current income tax.

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ? or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.

DISCLOSURES

Investing involves risk including loss of principal.

No strategy assures success or protects against loss.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through Winthrop Wealth, a Registered Investment Advisor and separate entity from LPL Financial.