Today the IRS released IRS Notice 2022-55, which contains retirement account inflation-adjusted income tax figures for the 2023 tax year. Notable adjustments include:
- The IRC §401(k) employee contribution limit is increased to $22,500 (up from $20,500 for 2022) and the catch-up contribution limit for taxpayers aged 50 or older is increased to $7,500 (up from $6,500), thus increasing the total 401(k) contribution for taxpayers age 50 and over to $30,000 for 2023 ($22,500 regular contribution + $7,500 catch-up contribution);
- The IRA contribution limit is increased to $6,500 (up from $6,000 for 2022). The $1,000 IRA catch-up contribution limit is not subject to cost-of-living adjustments and remains unchanged;
- The income phaseout range for taxpayer’s making contributions to a ROTH IRA is set as follows:
- For single filers and HOHs: $138,000 to $153,000 (up from $129,000 and $144,000 for 2022);
- For MFJ: $218,000 to $228,000 (up from $204,000 and $214,000);
- MFS: Remains at $0 to $10,000 (not subject to cost-of-living adjustments);
- The SIMPLE contribution limit is increased to $15,500 (up from $14,000); and
- The SEP contribution limit is increased to $66,000 (up from $61,000).
The Notice is available at:
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