THE EVERETT ADVOCATE – FRiDAy, OCTObER 28, 2022 Page 21 Everett High School Varsity Boys’ Soccer Crimson Tide honors its seniors after Senior Night game By Tara Vocino E verett High School Varsity Boys’ Soccer Crimson Tide honored their seniors after their game on Tuesday night at Rivergreen Park against Lynn Classical High School. Head Coach Pedro Blas recognized the seniors during half-time, and players took photos with their friends after the game. (Advocate photos by Tara Vocino) Striker/Right Forward Tysenger Alcin with his friend, Ralph Pierre during Tuesday’s Everett High School Boys’ Varsity Soccer Senior Night against Lynn Classical High School at Rivergreen Park. Not present: his cousin Widmac Laterion. He plans to play soccer in college. Center Midfielder Yariel Santos with his friend, Ralph Pierre. Left Center Owen Beauvil with his friend, Ralph Pierre. Not present were: his father Guy, his mother Viergelie, his uncle Arold Guillaume, his aunt Nadine Guillaume, his cousin Mahalia Guillaume, his cousin Rejeana Guillaume, and his cousin Jossycah Emmanuel. tribution of $73,500. In 2023, the allowable de2023 401(K) Contribution Limits F or calendar year 2023, the IRS is increasing the amount employees participating in a company-sponsored 401(k) plan can contribute to $22,500. Approximately 60million Americans are participating in such plans in order to help provide for a comfortable retirement. The catch-up contribution for 2023 will rise to $7,500 which allows for anyone 50 years of age or older to then max out on a 401(k) plan 2023 total contribution of $30,000. This is a substantial amount of money being contributed to your retirement while at the same time allowing for an income tax deduction as your taxable W-2 wages are reduced by the amount of the contribution. If your company offers a Roth 401(K) component to the company-sponsored 401(k) plan, then you can decide how much to contribute to the deductible 401(k) portion and the non-deductible Roth 401(k) portion. Although you do not receive a current income tax deduction for Roth 401(k) contributions, you don’t have to worry about paying income taxes on the earnings when you ultimately withdraw those monies during your retirement years. Taxpayers can now contribute $6,500 in 2023 to a Traditional or Roth IRA. If 50 years of age or older, the catchup contribution remains at $1,000 allowing someone who is 50 years of age or older to contribute $7,500 to a Traditional IRA or Roth IRA. For taxpayers that are in their own business, a Solo 401(k) plan contribution limit for calendar year 2023 is now up to $66,000. If 50 years or older, the catchup contribution for 2023 is $7,500 allowing for a maximum 2023 conduction for taxpayers making contributions to a Traditional IRA is phased out for single taxpayers and heads of households who are active participants in a company-sponsored retirement plan with modified adjusted gross income between $73,000 and $83,000. For a married couple filing a joint return, in which the spouse who makes the IRA contribution is an active participant in a company-sponsored retirement plan, the deduction is phased out with income between $116,000 and $136,000. For a spouse not covered by such a plan but is married to someone that is, the deduction for a Traditional IRA contribution is phased out if the couple’s income is between $218,000 and $228,000. For 2023, depending upon your income, your ability to contribute to a Roth IRA is phased out for a married couple with income between $218,000 and $228,000 and for single taxpayers and heads of household, with income between $138,000 and $153,000. If you earn too much to contribute to a Roth IRA, you can contribute to a non-deductible IRA and then several years later convert it to a Roth IRA. They refer to this as a “back-door” Roth IRA. This way, down the line you do not have to worry about paying taxes on the earnings when you make withdrawals. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation.
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