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Here are the new 2023 IRA and 401(k) contribution limits

Here are the new 2023 IRA and 401(k) contribution limits

November 04, 2022
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The cost-of-living adjustment to the 401(k)s, 403(b)s, most 457 plans and Thrift Savings Plans increased the contribution limit by $2,000 for 2023. The 2023 contribution limit to these plans is now $22,500. Individuals aged 50 and older can now contribute an additional $7,500 to a 2023 contribution limit of $30,000.

 

For Traditional IRAs and Roth IRAs, the contribution limit was increased by $500 to a total of $6,500. For individuals aged 50 and older, the catch-up contribution is still $1,000 for a total limit of $7,500.

 

The income limits for Roth contributions will also increase in 2023. The income phase-out range for Roth IRAs will be between $138,000 and $153,000 for single and head-of-household filers and between $218,000 to $228,000 for married individuals. The income phase out range for married filing separately remains at $0 to $10,000.

 

Contact us if you want more information on contributing to an IRA or Roth IRA.