A person's hand adding a coin to the smallest stack among stacks of coins that get progressively taller from right to left, each with imagery of a growing plant atop them.

Though 2022 is behind us, you can still make certain retirement contributions for last year until the tax deadline of April 18, 2023. Not only will you be adding to your retirement nest egg, but certain contributions can decrease your taxable income for 2022.

  • Traditional individual retirement accounts (IRAs)
    • Up to a $6,000 contribution, $7,000 for taxpayers 50 or older

  • Roth IRAs
    • Up to a $6,000 contribution, $7,000 for taxpayers 50 or older

  • Simplified employee pension plan (SEP) IRAs—assuming the due date of your business income tax return is April 18.
    • SEP contributions up to the lower of 25% of employee’s compensation, or $61,000

Note: Some restrictions may apply. Consult your tax professional.

More information on contribution limits and tax deductions can be found on the IRS website, or by contacting a Kemper CPA or a Kemper Capital Management advisor.

Advisory services offered through KCPAG Financial Advisors LLC and insurance services offered through KCPAG Insurance Services LLC, subsidiaries of Kemper Capital Management LLC.   Tax services offered through Kemper CPA Group LLP.