FOR BREAKING NEWS VISIT WWW.QNS.COM MARCH 10, 2022 • THE QUEENS COURIER 21
YOUR PARTNER IN THE
STRUGGLE FOR JUSTICE
BEST ATTORNEY AND
BEST PERSONAL INJURY LAWYER
SERVING THE COMMUNITY 25 YEARS
JOHN J. CIAFONE ESQ.
ATTORNEY
THANK YOU!
House of Elements a new boutique spa & yoga
studio in the heart of Astoria offers a variety of
bodywork sessions: Prenatal Massage, Acupressure,
Post-Op recovery, Curative Deep tissue and
relaxing Swedish as well as Kundalini and Vinyasa
Yoga classes.
Retirement Plans Karen Jou, CPA-Owner
Pay attention to the required
minimum distribution rules for
traditional IRAs.
Individuals 72 and older must
take annual withdrawals or pay a 50% penalty. To
arrive at the 2021 RMD amount, start with your IRA
balances as of Dec. 31, 2020, and use the tables in
IRS Pub. 590-B. The amounts can be taken from
any IRA you pick.
The same rules apply to 401(k)s and similar workplace
retirement plans…with two exceptions:
First, people who work past 72 can delay RMDs
from their current employer’s 401(k) until they
retire, provided they own no more than 5% of the
firm that employs them. Second, for people with
multiple 401(k)s, 403(b)s and the like, the required
minimum distribution must be taken from each
account.
If 2021 is your first RMD year, you have until April
1, 2022, to take the RMD. The distribution will still
be based on your total IRA balance as of Dec. 31,
2020. If you opt to defer your first RMD to 2022,
you will be taxed in 2022 on two payouts: The one
for 2021 that you deferred and the RMD for 2022.
This doubling up would hike your 2022 income and
could push you into a higher income tax bracket.
Charitable donations made directly from a traditional
IRA can save taxes. People 70 ½ and older
can transfer up to $100,000 yearly from IRAs directly
to charity. Qualified charitable distributions
can count as RMDs, but they are not taxable,
and they are not added to your AGI and won’t trigger
a Medicare premium surcharge.
Many key dollar limits on retirement plans will be
higher in 2022.
The maximum 401(k) contribution rises to
$20,500. People born before 1973 can contribute
an extra $6,500. These limits also apply to 403(b)
and 457 plans. The cap on SIMPLEs ticks up to
$14,000. People 50 and up can put in $3,000 more.
Retirement plan contributions can be based on up
to $305,000 of salary.
The paying limitation for defined-contribution
plans increases to $61,000.
Anyone making over $135,000 is highly paid for
plan discrimination tests.
The 2022 paying cap for traditional IRAs and Roth
IRAs remains $6,000, plus $1,000 as an additional
catch-up contribution for individuals age 50 and
older.
But the income ceilings on Roth IRA payins go up.
Contributions phase out at AGIs of $204,000 to
$214,000 for couples and $129,000 to $144,000 for
singles.
Also, deduction phaseouts for traditional IRAs
start at higher levels, from AGIs of $109,000 to
$129,000 for couples and $68,000 to $78,000 for
single filers. If only one spouse is covered by a
plan, the phaseout for deducting a contribution
for the uncovered spouse starts at $204,000 of
AGI and ends at $214,000.
More low-income retirement savers will qualify
for the savers’ credit in 2022. The break is for
certain individuals who stash money in an IRA
401(k), 403(b), SEP or similar
retirement plan. The maximum
saver’s credit of $2,000
for joint filers and $1,000 for
others is capped at 50%, 20%
or 10% of contributions, depending on AGI. For
2022, it fully phases out at AGIs over $34,000 for
single filers, $51,000 for heads of household and
$68,000 for married couples filing jointly.
Retirees rehired by their former employers won’t
disqualify a pension plan, the Service reminds
employers. A rehire because of unforeseen circumstances,
such as the coronavirus pandemic,
won’t jeopardize the bona fide retirement status
of the individual’s former retirement. So, for example,
public school districts seeking to address
urgent hiring needs can rehire former teachers
and other staff who have retired and have begun
receiving pension benefits. Also, if the plan permits,
those employers may continue receiving the
benefits even after they are rehired.
There’s also this pension rule to help keep older
workers on the job: Employees who are at least
age 59 or the plan’s normal retirement age can
continue to work for the employer and receive
in-service pension benefits.
Karen Jou, CPA-Owner of HR Block offices located
at 41-18 Crescent St. and 47-46 Vernon Blvd., LIC.
If you have any questions or require additional
information, please call Karen at 718-707-0295.
25-59 Steinway Street, Astoria, NY 11103
718-278-3900
johnjciafone@yahoo.com
NYS
Certified
EMT/EMS
Admitted in NY, NJ and Washington DC
BEST ATTORNEY
WINNER 5 YEARS IN A ROW!
BEST PERSONAL INJURY LAWYER
WINNER 4 YEARS IN A ROW!
2021
2021 B ESTOFBK. COM
BEST LAWYER
Prenatal Massage focuses on
the special needs of a mother
to-be and helps her feel comfortable
and healthy throughout
her pregnancy.
Taking all precautions for the
health and safety of the mother
and child, prenatal massage is
100% safe at any point in pregnancy
during the first, second, or
third trimester.
The treatment reduces pain and swelling, restores postural balance,
speeds up venous and lymph circulation, and supportalthy in-utero
environment. The massage also elevates the mood and prepares
the mother-to-be physically, mentally, and emotionally for labor.
31-53 Steinway Street, Astoria | Studio #400
917-379-4260
www.houseofelements.studio @house_of_elements
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