IRS 2023 Retirement Plan Contributions
IRS 2023 Retirement Plan Contributions
Maximum workplace retirement plan contribution amounts | 2023 | 2022 |
401(k), 403(b), most 457 plans and federal Thrift Savings Plan | $22,500 | $20,500 |
Catch-up contributions in these plans for people 50 and older | $7,500 | $6,500 |
| ||
IRA contribution limits | 2023 | 2022 |
Traditional and Roth IRAs for people younger than 50 | $6,500 | $6,000 |
Catch-up IRA contributions for people 50 and older | $1,000 | $1,000 |
Defined benefit pension plan annual benefit limits | $265,000 | $245,000 |
Annual employer limit for 401(k)-type plans, SEP IRAs and solo 401(k)s | $66,000 | $61,000 |
Annual contribution limit for SIMPLE plans | $15,500 | $14,000 |
Catch-up contribution limit for people age 50 and up | $3,500 | $3,000 |
| ||
Adjusted gross income phaseout range of IRA deductibility | 2023 | 2022 |
Single and contributing to a workplace plan | $73,000 | $68,000 |
Married filing jointly when the spouse making the contribution has a workplace plan | $116,000 | $109,000 |
Married and covered by a workplace place plan but filing separately | $0 to $10,000 | $0 to $10,000 |
| ||
Roth IRA income eligibility phaseout | 2023 | 2022 |
Single and head of household filers | $138,000 | $125,000 |
Married filing jointly or qualified widow/widowers | $218,000,000 | $204,000 |