YEAR-END REMINDER: 2022 RMDs and IRA Contributions

With 2022 coming to an end, it's worthwhile to check on contributions and withdrawals from your IRA accounts. Here are a few reminders from our financial advisors to help ensure you are optimizing these accounts and working ahead to prepare for next tax season.

IRAs and Roth IRAs Contributions

If you have an IRA or a Roth IRA, maximum contributions for tax year 2022 are:

  • $6,000 (Roth contributions may be less depending upon income. Please consult your CPA before making your contribution).
  • Age 50+: Catch-up contributions may be made up to an additional $1,000 for a total of $7,000.

While maximum contributions to IRAs and Roth IRAs have not changed since 2021, maximums for other types of accounts like 401(k)s and health savings accounts (HSAs) have changed for 2022. You can find full details here and illustrated in the table below.

When submitting your contributions:

  • Make checks payable to “Charles Schwab & Co. fbo [your name]”. Do not make your check payable to CWM.
  • On the memo line of the check write “2022 IRA Contribution” and include the 8-digit account number (see image below). Not sure of the account number? The Admin team can add that information to the check provided it is received by 3pm on Wednesday, April 12, 2023.
  • For guaranteed deposit, your contribution must be received by CWM no later than 3 p.m. on Wednesday, April 12, 2023 to ensure that the check will be processed and placed into your account by the IRS deadline. (For more details on IRA contribution rules, see IRS Publication 590-A).
  • Contributions can be set up to be transferred from an individual, joint, or trust account held at Schwab. If you are interested in this option, call us at (425) 778-6160 or e-mail

    Required Minimum Distributions (RMD)

    The current age to begin taking your RMD is 72 and October is a good time to look at how much you’ve withdrawn from your IRA and whether you’ve met the Required Minimum Distribution (RMD) for 2022. The amount of your RMD is determined by the IRS and changes from year to year. Visit to review the in-depth criteria for individuals subject to RMDs.

    It is important to note that in order to avoid a significant penalty you MUST take out the Required Minimum Distribution amount for 2022 by December 31. However, your CWM advisory team recommends proactively taking RMDs no later than the end of November to avoid any last-minute issues.

    Additionally, you can use your RMD to make Qualified Charitable Donations (QCD) as non-taxable distributions up to $100,000 per year. If your RMDs have the potential to increase your taxable income for the year, a QCD enables you to gift all or a portion of your RMD directly to a qualifying charity, and not pay any income taxes on the funds donated. If you take this route, there are a few important to steps to follow, including making sure your IRA custodian sends the funds directly to the 501(c)3 for you. Learn more here about QCDs and other strategies for charitable giving.

    Questions about your contributions?

    If you have not heard from your CWM advisor regarding your RMD for this year, have questions about your RMD, or need guidance on how to make a Qualified Charitable Donation please contact us or call (425) 778-6160 to schedule a time to speak with the CWM Team. We’re always happy to help at Comprehensive Wealth Management.

    Comprehensive Wealth Management, LLC does not offer tax advice. Please consult your CPA for specific tax questions.

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