IRA and Retirement Plan Limits 2023-2024
2023 Wealth Planning Reference Guide
From 2023 Federal income tax rates and standard deductions to Important 2023 tax planning dates, 2023 Retirement Plan Contribution Limits and the Uniform Lifetime RMD Table, Capital Group's Wealth Planning Reference Guide for 2023 is a valuable resource.
| IRA and Roth IRA Contribution Limits | ||
| Contribution Limit | 2023 | 2024 |
| IRA and Roth IRA | $6,500 | $7,000 |
| IRA Catch-up Contributions | ||
| 50+ Catch-Up Contribution | 2023 | 2024 |
| IRA and Roth IRA | $1,000 | $1,000 |
| Phase Out Income Limits for Deductible IRA Contributions | ||
| (Covered by Employer Plan) | ||
| Tax Filing Status | 2023 | 2024 |
| Single | $73,000-$83,000 | $77,000-$87,000 |
| Married – Filing Jointly | $116,000-$136,000 | $123,000-$143,000 |
| Married – Filing Separately Active Participant | $0-$10,000 | $0-$10,000 |
| Married – Filing Jointly – Only Spouse Covered by Employer Plan | $218,000-$228,000 | $230,000-$240,000 |
| Phase Out Income limits for Roth IRA Contributions | ||
| Income Limit | 2023 | 2024 |
| Single | $138,000-$153,000 | $146,000-$161,000 |
| Married – Filing Jointly | $218,000-$228,000 | $230,000-$240,000 |
| Married – Filing Separately Active Participant | $0-$10,000 | $0-$10,000 |
| Employer Sponsored Defined Contribution Plans | ||
2023 | 2024 | |
| Elective Deferral Limit – 401(k), 403(b), 457(b) and SARSEP | $22,500 | $23,000 |
| Elective Deferral Limit – SIMPLE IRA | $15,500 | $16,000 |
| Total Employer/Employee Contribution Limit – 401(k), 403(b), and 457(b) plans | $66,000 (or 100% of compensation if less) | $69,000 (or 100% of compensation if less) |
| Total Employer/Employee Contribution Limit – SEP | $66,000 (or 25% of compensation if less) | $69,000 (or 25% of compensation if less) |
| SEP IRA Participant Compensation Threshold | $750 | $750 |
| Recognized Compensation for Retirement Plans | $330,000 | $345,000 |
| Determine Highly Compensated Employee | $150,000 | $155,000 |
| “Key Employee” in a Top-Heavy Plan | $215,000 | $220,000 |
| Employer Sponsored Catch-up Contributions | ||
| 50+ Catch-up Contribution Limit | 2023 | 2024 |
| 401(k), 403(b), 457(b) and SARSEP | $7,500 | $7,500 |
| SIMPLE IRA | $3,500 | $3,500 |
| Saver's Credit | ||
| Adjusted Gross Income Limit | 2023 | 2024 |
| Married – Filing Jointly* | $73,000 | $76,500 |
| Head of Household* | $54,750 | $57,375 |
| Single, Married Filing Separately, Qualifying Widow(er)* | $36,500 | $38,250 |
* Limitation under sections 25B(b)(1)(C) and 25B(b)(1)(D)
Changes are in BOLD
Consulting your Tax-Advisor is always recommended
Nelson Securities, Inc. Member FINRA | SIPC
Page Last Reviewed or Updated: November 3, 2023