Month: March 2022

Illinois does not tax distributions received from:

• qualified employee benefit plans, including 401(K) plans; 
• an Individual Retirement Account, (IRA) or a self-employed retirement plan; 
• a traditional IRA that has been converted to a Roth IRA;
• the redemption of U.S. retirement bonds; 
• state and local government deferred compensation plans; 
• a government retirement or government disability plan, including military plans; 
• railroad retirement income; 
• retirement payments to retired partners; 
• a lump sum distribution of appreciated employer securities; and 
• the federally taxed portion of Social Security benefits

According to Adler Planetarium, Chicagohenge will peak between March 20 and March 23. Park yourself on an east to west running street just after sunrise or before sunset, and watch the spectacle radiate over the City of Chicago! Some favorite spotting locations include between Kinzie and Madison as well as E Randolph Street between N State St. and N Michigan Avenue. However, many downtown east-west streets will frame the rising or setting sun in a picturesque manner.

For the full Chicagohenge experience, you can capture the phenomenon along Washington Street from Millennium Park. According to timeanddate.com, on Sunday, March 20, the sun will rise at 6:53 am and set at 19:02 pm. On Wednesday, March 23rd, it will rise at 6:48 am and set at 19:06 pm.

For tax year beginning January 1, 2021, Illinois exemption allowance is $2,375 per exemption. Here are two examples.

Example 1: If someone else can claim you as a dependent like a student and your Illinois base income is greater than $2,375, your exemption allowance is 0.

Example 2

If someone else can claim you as a dependent like a student and your Illinois base income is $2,375 or less, your exemption allowance is $2,375

Required minimum distributions (RMDs) are withdrawals you have to make from most retirement plans (excluding Roth IRAs) when you reach the age of 72 (or 70.5 if you were born before July 1, 1949).

所需的最低退休提款 (RMD) 是您在年满 72 岁时必须从大多数退休计划（不包括 Roth IRA）中提取的款项（如果您在 1949 年 7 月 1 日之前出生，则为 70.5 岁）。

The amount you must withdraw depends on the balance in your account and your life expectancy as defined by the IRS. 

您必须提取的金额取决于您帐户中的余额和 IRS 定义的预期寿命。

RMD Tables

IRS Uniform Lifetime Table
Age	Life Expectancy Factor
70	27.4
71	26.5
72	25.6
73	24.7
74	23.8
75	22.9
76	22.0
77	21.2
78	20.3
79	19.5
80	18.7
81	17.9
82	17.1
83	16.3
84	15.5
85	14.8
86	14.1
87	13.4
88	12.7
89	12.0
90	11.4
91	10.8
92	10.2
93	9.6
94	9.1
95	8.6
96	8.1
97	7.6
98	7.1
99	6.7
100	6.3
101	5.9
102	5.5
103	5.2
104	4.9
105	4.5
106	4.2
107	3.9
108	3.7
109	3.4
110	3.1
111	2.9
112	2.6
113	2.4
114	2.1
115 and over	1.9

比如：假如您的退休账户总数为$100万，那么在72岁这一年您就必须从这些账户中至少领取$100万 x 3.65% = $36500。

* 当然这是必须满足的最少数额，您完全可以领取更多，甚至全部。

* 所有领取的数额都按当年的收入纳税。

With Envira Gallery, a WordPress Gallery Plugin, you can create Photo & Video Galleries for your Site easily. This video shows you how to edit Envira Gallery in WordPress.   

1. After login, click Envira Gallery on the left pan.

2. Click on Customize Your Site

3. Click on edit icon

4. Click on Edit Menu

5. You have option to Remove a menu

6. To add a new menu, click on Add Items

7. Type New Page and then click Add

8. Click on Publish

9. Copy the Envira Gallery Code in All Galleries

10. Click Pages

11. Click Edit under the Page you just created, Moon Photos in our example.

12. Enter the code you copied from Envira Gallery. 

13. Click Preview to make sure it works.

15. Click Update to publish the page

16. This is the result

Please view this step by step video:

With Envira Gallery, a WordPress Gallery Plugin, you can create Photo & Video Galleries for your Site easily. This article shows you how to do so.  

1. After login, click Envira Gallery on the left pan.

2. Click on Add New

3. Enter title

4. Drop files and Select files

5. You have options to modify the webpage such as Config, Lightbox, Mobiles…

6. After uploading the photos, click Publish.

7. You can copy the Envira Gallery Code for the webpage

Please view this step by step video:

2021 and 2022 traditional & Roth IRA contribution limits

Total annual contributions to your traditional and Roth IRAs combined cannot exceed:

• 2021: $6,000, 2022: $6,000 (under age 50)
• 2021: $7,000, 2022: $7,000 (age 50 or older)

2021 — You are covered by a retirement plan at work

Filing Status	Modified adjusted gross income (MAGI)	Deduction Limit
Single individuals	≤ $66,000	Full deduction up to the amount of your contribution limit
> $66,000 but < $76,000	Partial deduction (calculate)
≥ $76,000	No deduction
Married (filing joint returns)	≤ $105,000	Full deduction up to the amount of your contribution limit
> $105,000 but < $125,000	Partial deduction (calculate)
≥ $125,000	No deduction
Married (filing separately)*
< $10,000	Partial deduction
≥ $10,000	No deduction

2021 — You are NOT covered by a retirement plan at work

Filing Status	Modified adjusted gross income (MAGI)	Deduction Limit
Single, head of household, or qualifying widow(er)	any amount	A full deduction up to the amount of your contribution limit
Married filing jointly or separately with a spouse who is not covered by a plan at work	any amount	A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is covered by a plan at work	$198,000 or less	A full deduction up to the amount of your contribution limit
> $198,000 but < $208,000	A partial deduction (calculate)
≥ $208,000 or more	No deduction
Married filing separately with a spouse who is covered by a plan at work
< $10,000	Partial deduction
≥ $10,000	No deduction

2022 — You are covered by a retirement plan at work

Filing Status	Modified adjusted gross income (MAGI)	Deduction Limit
Single individuals	≤ $68,000	Full deduction up to the amount of your contribution limit
> $68,000 but < $78,000	Partial deduction (calculate)
≥ $78,000	No deduction
Married (filing joint returns)	≤ $109,000	Full deduction up to the amount of your contribution limit
> $109,000 but < $129,000	Partial deduction (calculate)
≥ $129,000	No deduction
Married (filing separately)*	Not eligible	Full deduction up to the amount of your contribution limit
< $10,000	Partial deduction
≥ $10,000	No deduction

2022 — You are NOT covered by a retirement plan at work

Filing Status	Modified adjusted gross income (MAGI)	Deduction Limit
Single, head of household, or qualifying widow(er)	any amount	A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is not covered by a plan at work	any amount	A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is covered by a plan at work	$204,000 or less	Full deduction up to the amount of your contribution limit
> $204,000 but < $214,000	A partial deduction (calculate)
≥ $214,000 or more	No deduction
Married filing separately with a spouse who is covered by a plan at work
< $10,000	Partial deduction
≥ $10,000	No deduction

Roth IRA contribution limits and eligibility are based on your modified adjusted gross income (MAGI), depending on tax-filing status. Partial contributions are allowed for certain income ranges.

Traditional IRA contributions are not limited by annual income.

Find out which IRA may be right for you and how much you can contribute. Calculate your IRA contribution limitOpens in a new window

2021 & 2022 Roth IRA income requirements

2021

Filing Status	Modified adjusted gross income (MAGI)	Contribution Limit
Single individuals	< $125,000	$6,000
≥ $125,000 but < $140,000	Partial contribution (calculate)
≥ $140,000	Not eligible
Married (filing joint returns)	< $198,000	$6,000
≥ $198,000 but < $208,000	Partial contribution (calculate)
≥ $208,000	Not eligible
Married (filing separately)*	Not eligible	$6,000
< $10,000	Partial contribution (calculate)
≥ $10,000	Not eligible

2022

Filing Status	Modified adjusted gross income (MAGI)	Contribution Limit
Single individuals	< $129,000	$6,000
≥ $129,000 but < $144,000	Partial contribution (calculate)
≥ $144,000	Not eligible
Married (filing joint returns)	< $204,000	$6,000
≥ $204,000 but < $214,000	Partial contribution (calculate)
≥ $214,000	Not eligible
Married (filing separately)*	Not eligible	$6,000
< $10,000	Partial contribution (calculate)
≥ $10,000	Not eligible

Example 1: Married (filing joint returns) with
Modified adjusted gross income (MAGI) $171,000 and covered by a retirement plan at work. No tax deduction applies, and you can contribute Roth IRA only (not tradition IRA).

Example 2: Married (filing joint returns) with
Modified adjusted gross income (MAGI) $171,000 and spouse is not covered by a retirement plan at work. The person who is covered by a retirement plan at work can contribute $7,000 Traditional IRA. Another person can
can contribute Roth IRA only (not tradition IRA).