2023 Retirement Plan Contribution Limits
[Turn your phone sideways]
2023 Retirement Plan Contribution limits, annual
| 401K, 403b, 457, or Thrift Savings Plans | $22,500 |
| —Catch-up, age 50+ | $7,500 |
| —Maximum contribution (you + employer) | $66,000 |
| —Max contribution + 50+ catch-up | $73,500 |
| SIMPLE | $15,500 |
| —Catch-up, age 50+ | $3,500 |
| IRA | $6,500 |
| —Catch-up, age 50+ | $1,000 |
Can you contribute to a Roth IRA in 2023?
If you make too much money, you will need to contribute to a Traditional IRA instead. This traditional IRA may or may not be deductible (below).
| 2023 Adjusted Gross Income (AGI) | |
|---|---|
| Single or Head of Household | $138,000 - $153,000 phaseout |
| Married Filing Jointly (MFJ) | $218,000 - $228,000 phaseout |
Is Your IRA Deductible in 2023?
Are either you or your spouse covered by a workplace retirement plan (above)?
—If neither of you is covered, then your traditional IRA contribution is fully deductible.
—If one or both of you are covered:
| 2023 Adjusted Gross Income (AGI) | |
|---|---|
| Single + workplace retirement plan | $73,000 - $83,000 phaseout |
| MFJ + IRA contributor(s) covered by workplace retirement plan | $116,000 - $136,000 phaseout |
| MFJ + IRA contributor not covered, however other spouse is covered by workplace retirement plan | $218,000 - $228,000 phaseout |
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This information has been provided for educational purposes only and should not be considered financial advice. Any opinions expressed are my own and may not be appropriate in all cases. All efforts have been made to provide accurate information; however, mistakes happen, and laws change; information may not be accurate at the time you read this. Links are included for reference but should not be considered an implied endorsement of these organizations or their products. Please seek out a licensed professional for current advice specific to your situation.
Liz Baker, PhD
I’m an authority on investing, retirement, and taxes. I love research and applying it to real-world problems. Together, let’s find our paths to financial freedom.
