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