Page 16 THE MALDEN ADVOCATE–Friday, October 28, 2022 Like us on Facebook advocate newspaper Facebook.com/ Advocate.news.ma 2023 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 catchup 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 off ers 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 contribution of $73,500. In 2023, the allowable deduction 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 fi ling 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, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. National-level coaches from USA Field Hockey and MIAA hosting Boys and Field Hockey Clinic in Malden on Saturday HISTORY IN THE MAKING: Malden High School is first district in state to host an All-Boys Field Hockey Team Special to the Advocate from Malden High School The Malden High School Tornado Field Hockey team had 14 boys in its coed program for Varsity and Junior Varsity competition this season, one of the largest numbers of boys playing in a district in the state. (Courtesy/MHS Athletics) T he Malden Public Schools have made history by becoming the fi rst district in Massachusetts with an All- Boys Field Hockey team sanctioned by the Massachusetts Interscholastic Athletic Association (MIAA). Malden Public Schools Athletic Director Charlie Conefrey said Malden High School intends to be the fi rst in Massachusetts to fi eld an all-boys team in MIAA competition, a move which has already been okayed by the MIAA. While the MIAA allows coed fi eld hockey teams — locally in the Greater Boston League, Malden and Everett this season now fi eld coed teams — work is under way to create an All-Boys league as interest and participation increases. To that end, the MIAA and USA Field Hockey, which oversees national operations and development for both men’s and women's fi eld hockey —in conjunction with the Malden Public Schools— are jointly hosting a Boys and Girls Field Hockey Clinic featuring Head Men's National Team Coach Harry Singh tomorrow, Saturday, October 29 at Macdonald Stadium, 15 Pearl St., Malden. fi dent boys of all ages will fall in love with the game.” Malden Public Schools AthletThe clinic is designed for either present or prospective Field Hockey Coaches, Referees and Boys and Girls players. The fi nal segment of the clinic is for Boys Only and runs from 11:30 a.m. to 1:00 p.m. The clinic is running from 9:00 a.m. to 1:00 p.m.being held in three segments for those of different interests: 9:00-10:00 a.m. (Coaches and Referees); 10:0011:30 a.m. (Girls and Boys from Grades 7-12); and 11:30 a.m.1:00 p.m. (Boys Only). “We hope boys high school fi eld hockey will take off in Massachusetts and that soon, many boys teams will be competing and representing their schools in interscholastic competitions,” USA Field Hockey Director of National Development Susan Goggin said in an online report. “The opportunity for boys in field hockey is tremendous. Field hockey is loved by men across the globe for its athleticism, skill and fast-pace. We welcome boys to come give it a try and are conic Director Charlie Conefrey said there has been a great deal of interest in Field Hockey at Malden High School, with boys participating for a number of years now on a coed basis. "We wanted to be ready this year in the event we had a suffi - cient number of players to have an All-Boys Team," Conefrey said. "We nearly did, but decided to keep the coed model this year. "We are optimistic we may be able to reach our goal for next Fall Season," Conefrey said, "and hopefully, with the help of events such as this and also the support and promotion by the MIAA statewide, we can fi nd other school districts to join us. "The bottom line is we want more and as many student-athletes to participate in interscholastic athletics as we can across the Commonwealth," Conefrey, who is a member of the MIAA Board of Directors, told the Advocate. "A proven way to accomplish this goal is to increase and vary the options among the sports that districts off er. We will continue to do that locally, regionally and statewide."
17 Publizr Home