Once again not surprising with the afore mentioned COLA adjustment on Social Security…. Retirement contribution limits were also adjusted by a large amount….
We find ourselves reviewing this amount so frequently and getting confused as the calendar turns as well as being in the next tax year but making contributions for the prior…. we are going to have a special tab here on our blog moving forward that will have two years data. The IRS Release.
So here we go!
Retirement Contribution Limits
- 401(k), 403(b), most 457 plans, increased to $22,500 (2023), up from $20,500 (2022)
- Catch up for those over 50 is increased to $7,500 (2023), up from $6,500 (2022)
- Total max 401(k), 403(b), most 457 plans including catch up is $30,000 (2023) up from $27,000 (2022)
- limit on annual contributions to an IRA increased to $6,500 (2023), up from $6,000 (2022)
- IRA catch up for those age 50 and greater remains $1000
- Annual Gift Exclusion amount increased to $17,000 (2023) from $16,000 (2022)
This takes care of the great majority of retirement plans…but for the record we do not like the formatting and will wait to post the new page once a more comprehensive and better formatted list is completed….
Have a “Fresh of the Presses IRS Retirement Increased Limit” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth