Personal, Estates and Trust Income Tax Rates will range from 10% to 37% for 2021, depending on filing status and net income levels. Tax on corporations and other businesses, not flow through entities, can expect to pay 21%.
Employer Retirement Plan contribution limits for 2021 are as follows:
Note: Income limits apply.
If you plan on making a gift to someone in 2022, the annual gift tax exclusion for any individual remains at $15,000; married electing split gifts, $30,000. Combined lifetime gift tax and gross estate tax exemption: $11,700,000. GST tax exemption: $11,700,000.
To hear more about how these and other tax rates, schedules and contribution limits for 2021, please give us a call at 949-766-7808, or complete the inquiry form below.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 raised the age when you must begin taking RMDs from a traditional 401(k) or IRA from 70½ to 72. If you turned 70½ years old on or after January 1, 2020, this law’s changes apply to you and you do not have to begin taking RMDs until April 1 of the year following the year that you turn age 72. If you turned 70½ years old in 2019 and earlier, the law's changes do NOT apply to you.
For the tax year 2022, Age as of 12/31/2022 - 72
your RMD Deadlines are as follows:
(1) Take distribution by December 31, 2022
(2) Delay your 2022 to April 1, 2023. BUT if you this delay in your 2022 distribution, it will result in you having to take two (2) distributions in 2023.
For the tax year 2022, Age as of 12/31/22 - 73 or older
your RMD Deadlines are as follows:
Take distribution by December 31, 2022
The IRS has provided guidance and a worksheet to calculate RMDs. The link to this website is: https://www.irs.gov/retirement-plans/plan-participant-employee/required-minimum-distribution-worksheets
Let us know if you need assistance as to what your RMD is before the deadline of December 31. You can give us a call at 949-766-7808, or complete the inquiry form below.
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(949) 766-7808 or Toll Free (800) 350-1299
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