Skip to Main

2023 IRS Contribution Limits

  • Oppenheimer & Co. Inc.
  • May 16, 2023

Starting in 2023 you will be able to save more for retirement than ever before.

young family on sofa

The IRS has announced the salary deferral contribution limits for employee retirement plans.

For individuals that participate in 401(k) plans, you will see there has been an increase to $22,500 a year, up from $20,500 in 2022. For individuals age 50 and older, you are still allowed to contribute an extra $7,500 for a total of $27,000.

Limits on personal, non-workplace retirement accounts, such as Individual Retirement Accounts, also known as IRAs, has increased to $6,500. For individuals 50 or older, you’re allowed to contribute an additional $500. See the table below for a larger overview.

Summary

2022

2023

401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan salary deferral limit:

$20,500

$22,500

Individual Retirement Accounts (IRA) and Roth IRAs contribution limit ($7,000 if you're age 50 or older):

$6,000

$6,500

SEP IRAs and Solo 401(k)s contribution limit (For those 50 or older, there is also a $7,500 401(k) catch-up contribution amount allowing total contributions for 2023 of $73,500):

$61,000

$66,000

SIMPLE IRAs salary deferral limit:

$14,000

$15,500

Adjusted Gross Income IRA Qualifying Ceiling

 

 

Single taxpayers covered by a workplace plan (traditional IRA tax deduction):

Up to $78,000

Up to $83,000

Single and head of household taxpayer for Roth IRA contribution eligibility:

Up to $144,000

Up to $153,000

Married couples filing jointly, both covered by a workplace plan (traditional IRA tax deduction):

Up to $129,000

Up to $136,000

Married couples filing jointly, one spouse not covered by a workplace plan (traditional IRA tax deduction):

Up to $214,000

Up to $228,000

Married couples filing jointly for Roth IRA contribution eligibility:

Up to $214,000

Up to $228,000

Disclosures

© 2023 Oppenheimer & Co. Inc. Transacts Business on All Principal Exchanges and Member SIPC. 5689668.1

The material contained in this presentation is not a substitute for consultation with a competent legal or tax advisor and should only be used in conjunction with his or her advice. Oppenheimer does not provide legal or tax advice, nor does any of its employees or affiliates. Source: IRS.gov