Make IRA contributions by April 18; Remove excess salary deferrals by April 15; Actuary job openings

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Tax Info for Individuals

Make IRA Contributions by April 18

The 2022 tax deadline is April 18, 2023. Individuals have an extra three days to file their Form 1040 or request an extension this year. This also means you have until April 18 to contribute up to $6,000 (plus $1,000 if age 50 or over) to your traditional or Roth IRA for 2022. An extension to file your Form 1040 does not extend the deadline to make contributions to your IRA.

Low-to moderate-income taxpayers may be eligible to claim a Saver’s Credit of up to 50% for contributions they make to IRAs and certain retirement plans. Your maximum credit is $1,000 ($2,000 if married filing jointly), but not more than your income tax liability.

Remove Excess Salary Deferrals for 2022 by April 15

The total of all salary deferrals a participant makes to various retirement plans – including 401(k), 403(b), SARSEP and SIMPLE IRA plans – is limited to $20,500 (plus an additional $6,500 if age 50 or over) for 2022.

If your individual salary deferrals exceed the limit for 2022, you must take a corrective distribution of the excess deferral amount, plus earnings, by April 15, 2023.

Excess salary deferrals withdrawn by April 15:

• Excess is taxed in the calendar year deferred
• Earnings are taxed in the year distributed
• Not subject to 10% early distribution tax, 20% withholding, or spousal consent

Excess salary deferrals not withdrawn by April 15:

• Excess deferral is taxed in the calendar year deferred and the year distributed
• Earnings are taxed in the year distributed
• May be subject to 10% early distribution tax, 20% withholding, and spousal consent

An employer may correct a retirement plan with excess salary deferrals not timely removed using the Self-Correction or Voluntary Correction Programs.

Individuals who made salary deferral contributions to two or more retirement plans of different employers in 2022 may be most at risk for exceeding the deferral limit. Employers are required to limit the salary deferrals for participants in plans of the same employer; however, individuals in multiple plans need to track the total of all their deferrals to avoid exceeding the deferral limit. The Interactive Tax Assistant can help you determine how to correct excess salary deferrals. 

TE/GE Actuary Job Opportunities 

The IRS Tax Exempt and Government Entities Division has several permanent Actuary GS 14 positions available across the country. The application deadline is January 4, 2024; however, positions will be filled throughout the months preceding the deadline.

Actuaries in TE/GE are responsible for private letter ruling requests, assisting with guidance projects, and working closely with revenue agents on pension plan examinations to provide technical expertise and assistance.

The basic educational requirements include a bachelor’s degree with courses in actuarial science, mathematics, relevant statistics, business, finance, economics, insurance, or computer science totaling at least 24 semester hours. You must have at least 12 semester hours of mathematics that include differential and integral calculus, and one or more mathematic courses for which these calculus courses were prerequisites.

You must include a college transcript with your application to be considered for one of these openings, no matter how long you’ve been working.

For more information, go to USAjobs.gov. Do a keyword search for Internal Revenue Service and then filter the results for Series 1510. Review OPM’s Qualification Standards at Actuarial Science Series 1510 (opm.gov).  

If you want to learn more about careers at the IRS, including pay, benefits, and alternate work schedules, visit Jobs.irs.gov.