Hi! Thanks so much for taking us on as clients. A little background on us: My spouse, Sydney, and I, just moved to Texas January 1, 2022. We want to buy a house, but right now we are just renting. We have two daughters: Rachel and Zora. We've filled out the organizer that you provided us and have included supporting documentation below. Please let us know if you need any additional information from us.
Question: Also, you'll see that we both contributed $6,000 to our traditional IRA plans for 2022. Is there any point where we can contribute more and get a deduction? I guess I just want a refresher on the rules for making contributions to Traditional IRAs. Also, we made some cash contributions. At what point does charitable contributions help for tax purposes? Last, I believe both myself and my spouse will make sig. more money next year. At what point will the child tax credit phase out for us?