Skip to main content Skip to Login Skip to Find An Advisor Skip to Results Skip to footer

3 ways to potentially lower your 2022 taxes

A note on SECURE Act 2.0

The content in this article may not reflect the latest information on retirement accounts and the Required Minimum Distribution age due to a recently passed law known as SECURE Act 2.0. Learn about key provisions of this legislation, and reach out to your Ameriprise financial advisor with questions.

The 2022 tax season is here. As you prepare to file your individual income tax returns ahead of the April 18, 2023, federal deadline, here are a few actions to consider:

1. Be aware of the standard deduction amount this year — so you can choose the tax filing strategy that saves you more money

Remember: Itemized deductions are only useful if they exceed the standard deduction amounts, which increased for 2022:

  • $12,950 for single filers (up $400)
  • $25,900 for married filing jointly (up $800)

If your deductions are close to these amounts, evaluate your options. For example, does it make sense to increase your charitable giving before the year’s end to take advantage of the increased savings you may realize from taking the itemized deduction over the standard deduction?


2. Contribute to an IRA

Consider contributing to your traditional or Roth IRA — you can do so in a lump sum if you’d like. Filers have until April 18, 2023, to make an IRA contribution that counts toward the 2022 tax year. The maximum total annual contribution across all IRAs for 2022 is $6,000, or $7,000 if you are 50 or older.

  • Traditional IRA: Contributions may be tax deductible, depending on your income level and whether you are covered by a retirement plan at work.
  • Roth IRA: Depending on your income level, you may be eligible to contribute to a Roth. Roth IRAs are funded with after-tax dollars, but distributions are tax free in retirement if certain conditions are met.


3. Contribute to your health savings account

If you’re in a high-deductible health plan, you might qualify for a health savings account (HSA). Your contributions are pre-tax, which reduces your taxable income. The HSA contribution deadline for the 2022 tax year is April 18, 2023. Annual contribution amounts are:

  • $3,650 individual coverage (up $50)
  • $7,300 family coverage (up $100)
  • Individuals ages 55 and older can make an additional $1,000 catch-up contribution.


We can help with your tax planning needs

The beginning of the year is a great time to connect with us on tax planning strategies and to review your financial goals. We can evaluate your financial situation with your tax professional and discuss how you may be able to take advantage of these and other tax-saving opportunities.


Our experts and an advisor of your choice are here to support your financial goals.

Or, provide us with some information and our Ameriprise Advisor Center will follow up with you.


At Ameriprise, the financial advice we give each of our clients is personalized, based on your goals and no one else's. 

If you know someone who could benefit from a conversation, please refer me.

Background and qualification information is available at FINRA's BrokerCheck website.

The views expressed in this publication reflect the personal views of the Ameriprise Financial analyst(s) authoring the publication. Further, Ameriprise Financial analyst compensation is neither directly nor indirectly related to the specific recommendations or views contained in this publication.
This information is being provided only as a general source of information and is not intended to be the primary basis for investment decisions. It should not be construed as advice designed to meet the particular needs of an individual investor. Please seek the advice of a financial advisor regarding your particular financial concerns.
Third party companies mentioned are not affiliated with Ameriprise Financial, Inc.
Past performance is not a guarantee of future results.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Ameriprise Financial cannot guarantee future financial results.
Investment products are not insured by the FDIC, NCUA or any other federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Ameriprise Financial Services, LLC. Member FINRA and SIPC.

Back to topTop