{"id":4342,"date":"2023-04-14T14:04:46","date_gmt":"2023-04-14T14:04:46","guid":{"rendered":"https:\/\/oandgaccounting.com\/staging\/?p=4342"},"modified":"2023-09-14T06:51:26","modified_gmt":"2023-09-14T06:51:26","slug":"dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner","status":"publish","type":"post","link":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/","title":{"rendered":"Don&#8217;t Miss Out on Those IRA Contributions! April 18 is Around the Corner"},"content":{"rendered":"<div class=\"onefivequestion\">\n<div class=\"container py-4 text-left\">\n<p>It&#8217;s that time of the year again \u2013 tax season! But fear not, dear taxpayers, because we&#8217;re here to break down some important information for you. Grab your favorite beverage, sit back, and let&#8217;s chat about <a href=\"https:\/\/www.irs.gov\/retirement-plans\/retirement-plans-faqs-regarding-iras#:~:text=How%20much%20can%20I%20contribute,re%20age%2050%20or%20older.\" rel=\"noopener\" target=\"_blank\">IRA contributions<\/a>, and <a href=\"https:\/\/www.irs.gov\/retirement-plans\/maximize-your-salary-deferrals\" rel=\"noopener\" target=\"_blank\">salary deferrals<\/a><\/p>\n<h2>Get Those IRA Contributions In By April 18<\/h2>\n<p>The 2022 tax deadline is April 18, 2023. This year, you&#8217;ve got an extra three days to file your Form 1040 or <a href=\"https:\/\/www.irs.gov\/forms-pubs\/extension-of-time-to-file-your-tax-return\" rel=\"noopener\" target=\"_blank\">request an extension<\/a> (score!). But don&#8217;t forget, you also have until April 18 to contribute up to $6,000 (or $7,000 if you&#8217;re age 50 or over) to your traditional or Roth IRA for 2022. Just a heads up: requesting an extension to file your Form 1040 doesn&#8217;t extend the deadline for your IRA contributions.<\/p>\n<p>And guess what? If you&#8217;re a low-to-moderate-income taxpayer, you might be eligible for a <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-savings-contributions-savers-credit\" rel=\"noopener\" target=\"_blank\">Saver&#8217;s Credit<\/a> of up to 50% for contributions made to IRAs and certain retirement plans. Your maximum credit is $1,000 ($2,000 if married filing jointly), but it won&#8217;t exceed your income tax liability.<\/p>\n<h2>Over-contributed to Your Retirement Plans? No Worries, Just Fix It by April 15<\/h2>\n<p>For 2022, the total amount you can contribute to various retirement plans (think 401(k), 403(b), SARSEP, and SIMPLE IRA plans) is limited to $20,500 (plus an extra $6,500 if you&#8217;re age 50 or over). If you accidentally <a href=\"https:\/\/www.irs.gov\/help\/ita\/how-do-i-correct-an-excess-salary-deferral-to-my-401k\" rel=\"noopener\" target=\"_blank\">over-contributed<\/a>, don&#8217;t panic! You can take a <a href=\"https:\/\/www.irs.gov\/retirement-plans\/consequences-to-a-participant-who-makes-excess-deferrals-to-a-401k-plan\" rel=\"noopener\" target=\"_blank\">corrective distribution<\/a> of the excess deferral amount, plus earnings, by April 15, 2023. We&#8217;ve listed the tax implications for you below:<\/p>\n<p>Withdrawn by April 15:<\/p>\n<ul>\n<li>Excess is taxed in the calendar year deferred<\/li>\n<li>Earnings are taxed in the year distributed<\/li>\n<li>Not subject to 10% early distribution tax, 20% withholding, or spousal consent<\/li>\n<\/ul>\n<p>Not withdrawn by April 15:<\/p>\n<ul>\n<li>Excess deferral is taxed in the calendar year deferred and the year distributed<\/li>\n<li>Earnings are taxed in the year distributed<\/li>\n<li>May be subject to 10% early distribution tax, 20% withholding, and spousal consent<\/li>\n<\/ul>\n<p>Remember, if you contributed to two or more retirement plans with different employers in 2022, you&#8217;ll want to double-check that you haven&#8217;t exceeded the deferral limit. The <a href=\"https:\/\/www.irs.gov\/help\/ita\/how-do-i-correct-an-excess-salary-deferral-to-my-401k\" rel=\"noopener\" target=\"_blank\">Interactive Tax Assistant<\/a> can help you determine how to correct excess salary deferrals.<\/p>\n<p>          <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3039986354638252\" crossorigin=\"anonymous\"><\/script><br \/>\n        <ins class=\"adsbygoogle\"\n            style=\"display:block; text-align:center;\"\n            data-ad-layout=\"in-article\"\n            data-ad-format=\"fluid\"\n            data-ad-client=\"ca-pub-3039986354638252\"\n            data-ad-slot=\"8101689985\"><br \/>\n        <\/ins><br \/>\n        <script>\n            (adsbygoogle = window.adsbygoogle || []).push({});\n        <\/script>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s that time of the year again \u2013 tax season! But fear not, dear taxpayers, because we&#8217;re here to break down some important information for you. Grab your favorite beverage, sit back, and let&#8217;s chat about IRA contributions, and salary deferrals Get Those IRA Contributions In By April 18 The 2022 tax deadline is April &hellip; <a href=\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Don&#8217;t Miss Out on Those IRA Contributions! April 18 is Around the Corner&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":4872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Don&#039;t Miss Out on Those IRA Contributions! April 18 is Around the Corner - O&amp;G Tax and Accounting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don&#039;t Miss Out on Those IRA Contributions! April 18 is Around the Corner - O&amp;G Tax and Accounting\" \/>\n<meta property=\"og:description\" content=\"It&#8217;s that time of the year again \u2013 tax season! But fear not, dear taxpayers, because we&#8217;re here to break down some important information for you. Grab your favorite beverage, sit back, and let&#8217;s chat about IRA contributions, and salary deferrals Get Those IRA Contributions In By April 18 The 2022 tax deadline is April &hellip; Continue reading &quot;Don&#8217;t Miss Out on Those IRA Contributions! April 18 is Around the Corner&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/\" \/>\n<meta property=\"og:site_name\" content=\"O&amp;G Tax and Accounting\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-14T14:04:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-14T06:51:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"682\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Alex Oware\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alex Oware\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/\"},\"author\":{\"name\":\"Alex Oware\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#\/schema\/person\/7abb5bc95fed73694b6d4e1d516c1929\"},\"headline\":\"Don&#8217;t Miss Out on Those IRA Contributions! April 18 is Around the Corner\",\"datePublished\":\"2023-04-14T14:04:46+00:00\",\"dateModified\":\"2023-09-14T06:51:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/\"},\"wordCount\":342,\"publisher\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#organization\"},\"image\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/\",\"url\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/\",\"name\":\"Don't Miss Out on Those IRA Contributions! April 18 is Around the Corner - O&amp;G Tax and Accounting\",\"isPartOf\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp\",\"datePublished\":\"2023-04-14T14:04:46+00:00\",\"dateModified\":\"2023-09-14T06:51:26+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#primaryimage\",\"url\":\"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp\",\"contentUrl\":\"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp\",\"width\":1024,\"height\":682},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#website\",\"url\":\"https:\/\/oandgaccounting.com\/staging\/\",\"name\":\"O&amp;G Tax and Accounting\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/oandgaccounting.com\/staging\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#organization\",\"name\":\"O&amp;G Tax and Accounting\",\"url\":\"https:\/\/oandgaccounting.com\/staging\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2019\/07\/logo.png\",\"contentUrl\":\"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2019\/07\/logo.png\",\"width\":123,\"height\":74,\"caption\":\"O&amp;G Tax and Accounting\"},\"image\":{\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#\/schema\/person\/7abb5bc95fed73694b6d4e1d516c1929\",\"name\":\"Alex Oware\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/oandgaccounting.com\/staging\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/818d35e7f1b55ca6674f5b7750860e33?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/818d35e7f1b55ca6674f5b7750860e33?s=96&d=mm&r=g\",\"caption\":\"Alex Oware\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Don't Miss Out on Those IRA Contributions! April 18 is Around the Corner - O&amp;G Tax and Accounting","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/","og_locale":"en_US","og_type":"article","og_title":"Don't Miss Out on Those IRA Contributions! April 18 is Around the Corner - O&amp;G Tax and Accounting","og_description":"It&#8217;s that time of the year again \u2013 tax season! But fear not, dear taxpayers, because we&#8217;re here to break down some important information for you. Grab your favorite beverage, sit back, and let&#8217;s chat about IRA contributions, and salary deferrals Get Those IRA Contributions In By April 18 The 2022 tax deadline is April &hellip; Continue reading \"Don&#8217;t Miss Out on Those IRA Contributions! April 18 is Around the Corner\"","og_url":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/","og_site_name":"O&amp;G Tax and Accounting","article_published_time":"2023-04-14T14:04:46+00:00","article_modified_time":"2023-09-14T06:51:26+00:00","og_image":[{"width":1024,"height":682,"url":"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp","type":"image\/webp"}],"author":"Alex Oware","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Alex Oware","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#article","isPartOf":{"@id":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/"},"author":{"name":"Alex Oware","@id":"https:\/\/oandgaccounting.com\/staging\/#\/schema\/person\/7abb5bc95fed73694b6d4e1d516c1929"},"headline":"Don&#8217;t Miss Out on Those IRA Contributions! April 18 is Around the Corner","datePublished":"2023-04-14T14:04:46+00:00","dateModified":"2023-09-14T06:51:26+00:00","mainEntityOfPage":{"@id":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/"},"wordCount":342,"publisher":{"@id":"https:\/\/oandgaccounting.com\/staging\/#organization"},"image":{"@id":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#primaryimage"},"thumbnailUrl":"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/","url":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/","name":"Don't Miss Out on Those IRA Contributions! April 18 is Around the Corner - O&amp;G Tax and Accounting","isPartOf":{"@id":"https:\/\/oandgaccounting.com\/staging\/#website"},"primaryImageOfPage":{"@id":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#primaryimage"},"image":{"@id":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#primaryimage"},"thumbnailUrl":"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp","datePublished":"2023-04-14T14:04:46+00:00","dateModified":"2023-09-14T06:51:26+00:00","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/oandgaccounting.com\/staging\/dont-miss-out-on-those-ira-contributions-april-18-is-around-the-corner\/#primaryimage","url":"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp","contentUrl":"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2023\/04\/tax-1.webp","width":1024,"height":682},{"@type":"WebSite","@id":"https:\/\/oandgaccounting.com\/staging\/#website","url":"https:\/\/oandgaccounting.com\/staging\/","name":"O&amp;G Tax and Accounting","description":"","publisher":{"@id":"https:\/\/oandgaccounting.com\/staging\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/oandgaccounting.com\/staging\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/oandgaccounting.com\/staging\/#organization","name":"O&amp;G Tax and Accounting","url":"https:\/\/oandgaccounting.com\/staging\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/oandgaccounting.com\/staging\/#\/schema\/logo\/image\/","url":"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2019\/07\/logo.png","contentUrl":"https:\/\/oandgaccounting.com\/staging\/wp-content\/uploads\/2019\/07\/logo.png","width":123,"height":74,"caption":"O&amp;G Tax and Accounting"},"image":{"@id":"https:\/\/oandgaccounting.com\/staging\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/oandgaccounting.com\/staging\/#\/schema\/person\/7abb5bc95fed73694b6d4e1d516c1929","name":"Alex Oware","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/oandgaccounting.com\/staging\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/818d35e7f1b55ca6674f5b7750860e33?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/818d35e7f1b55ca6674f5b7750860e33?s=96&d=mm&r=g","caption":"Alex Oware"}}]}},"_links":{"self":[{"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/posts\/4342"}],"collection":[{"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/comments?post=4342"}],"version-history":[{"count":3,"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/posts\/4342\/revisions"}],"predecessor-version":[{"id":4384,"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/posts\/4342\/revisions\/4384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/media\/4872"}],"wp:attachment":[{"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/media?parent=4342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/categories?post=4342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/oandgaccounting.com\/staging\/wp-json\/wp\/v2\/tags?post=4342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}