Broker Check

IRA and Retirement Plan Limits 2022-2023

IRA and Roth IRA Contribution Limits
Contribution Limit

2022

2023

IRA and Roth IRA

$6,000

$6,500

Phase Out Income Limits for Deductible IRA Contributions – Covered by Employer Plan
Tax Filing Status

2022

2023

Single

$68,000-$78,000

$73,000-$83,000

Married – Filing Jointly

$109,000-$129,000

$116,000-$136,000

Married – Filing Separately Active Participant

$0-$10,000

$0-$10,000

Married – Filing Jointly – Only Spouse Covered by Employer Plan

$204,000-$214,000

$218,000-$228,000

Phase Out Income limits for Roth IRA Contributions
Income Limit

2022

2023

Single

$129,000-$144,000

$138,000-$153,000

Married – Filing Jointly

$204,000-$214,000

$218,000-$228,000

Married – Filing Separately Active Participant

$0-$10,000

$0-$10,000

Catch-up Contributions
Catch-up Contribution Limit

2022

2023

401(k), 403(b), 457(b) and SARSEP

$6,500

$7,500

SIMPLE IRA

$3,000

$3,500

Traditional or Roth IRA

$1,000 

$1,000 

Employer Defined Contribution Plans

2022

2023

Elective Deferral Limit – 401(k), 403(b), 457(b) and SARSEP

$20,500

$22,500

Elective Deferral Limit – SIMPLE IRA

$14,000

$15,500

Total Employer/Employee Contribution Limit – 401(k), 403(b), and 457(b) plans

$61,000  (or 100% of compensation if less)

$66,000  (or 100% of compensation if less)

Total Employer/Employee Contribution Limit – SEP

$61,000 (or 25% of compensation if less)

$66,000 (or 25% of compensation if less)

SEP IRA Participant Compensation Threshold

$650

$750

Recognized Compensation for Retirement Plans

$305,000

$330,000

Determine Highly Compensated Employee

$135,000

$150,000

“Key Employee” in a Top-Heavy Plan

$200,000

$215,000

Saver's Credit
Adjusted Gross Income Limit

2022

2023

Married – Filing Jointly* 

$68,000

$73,000

Head of Household*

$51,000

$54,750

Single, Married Filing Separately, Qualifying Widow(er)*

$34,000

$36,500


* 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: December 6, 2022