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	MONEY MANAGEMENT

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	SAVINGS ACCOUNTS

Retirement Accounts

Education Savings Account
Traditional IRA Deduction

Contribution Limits
Catchup Contributions

Education Savings Account

The annual contribution limit for 2022 is €2,500. The contribution phase-out range for ESA joint filers is €190,000 to €220,000 and single filers €95,000 to €110,000.

Traditional IRA Deduction

This chart summarizes whether you can take a full deduction, a partial deduction, or no deduction from your Traditional IRA contribution.

Effect of modified AGI on deduction if covered by retirement plan at work. Use this table to determine if your modified AGI affects the deduction you can take for contributions made to your Traditional IRA. For subsequent tax years, see additional information below.

IF your filing status is ...	AND your modified adjusted gross income (modified AGI) is ...	THEN you can take ...
Single, or Head of Household	Less than €56,000 At least €56,000 but less than €66,000 More than €66,000	A full deduction A partial deduction No deduction
Married Filing Jointly or Qualifying Widow(er)	Less than €89,000 At least €89,000 but less than €109,000 More than €109,000	A full deduction A partial deduction No deduction
Married Filing Separately2	Less than €10,000 €10,000 or more	A partial deduction No deduction

1Modified AGI (adjusted gross income).

2If you did not live with your spouse at any time during the year, your filing status is considered Single for this purpose (therefore, your IRA deduction is determined under the "Single" column).

Effect of Modified AGI on deduction if not covered by retirement plan at work. Use this table to determine if your modified AGI affects the deduction you can take for contributions made to your Traditional IRA.

IF your filing status is ...	AND your modified adjusted gross income (modified AGI) is ...	THEN you can take ...
Single, Head of Household, or Qualifying Widow(er)	Any amount	A full deduction
Married Filing Jointly or Separately where neither party is covered by a plan at work	Any amount	A full deduction
Married Filing Jointly with a spouse who is covered by a plan at work	Less than €167,000 At least €167,000 but less than €177,000 €177,000 or more	A full deduction A partial deduction No deduction

1Modified AGI (adjusted gross income).

Contribution Limits

Tax Year	Traditional OR Roth IRA** (Maximum per taxpayer not account or type)	SIMPLE (Pre-tax deferral maximum)	SAR-SEP (Pre-tax deferral maximum)	ESA (Maximum per child)
2015	Lesser of €5,000 or 100%	Lesser of €11,500	Lesser of €54,000 or €2,500 of earned income or 100% of compensation	25% of compensation
2022	Lesser of €5,000 or 100%	Lesser of €11,500	Lesser of €56,000 or €2,500 of earned income or 100% of compensation	25% of compensation

**This includes Traditional IRA contributions made by an employee into their own SEP IRA account.

Catchup Contributions

The Tax Relief Reconciliation Act of 2001 allows individuals age 50 or older to make additional contributions called “catchup contributions.” Catchup contributions can be made into IRAs or 401(k), 403(b), SAR-SEP, SIMPLE or 457 plans.

Tax Year	IRA*	401(k), SAR-SEP, 403(b), 457	SIMPLE
2015	€1000	€5500	€2500
2022	€1000	€5500	€2500

* Can be to either a deductible or Roth IRA

This information may answer some of your questions, but it is not intended as a comprehensive analysis of this complex topic. This information should not be replied upon as your only source of information. Competent tax and legal advice should always be obtained.