{"id":4302,"date":"2022-11-24T17:00:00","date_gmt":"2022-11-24T23:00:00","guid":{"rendered":"https:\/\/cookco.us\/news\/?p=4302"},"modified":"2022-11-24T11:40:30","modified_gmt":"2022-11-24T17:40:30","slug":"401-k-and-ira-limit-increases-for-2023","status":"publish","type":"post","link":"https:\/\/cookco.us\/news\/401-k-and-ira-limit-increases-for-2023\/","title":{"rendered":"401-K and IRA Limit Increases for 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 &#8212; up from $20,500 for 2022.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and claim the Saver&#8217;s Credit will also all increase for 2023. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Here are some of the changes for 2023:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government&#8217;s Thrift Savings Plan will increase to $22,500.<\/li>\n\n\n\n<li>The limit on annual contributions to an IRA will increase to $6,500. The IRA catch\u2011up contribution limit for individuals age 50 and over is not subject to an annual cost\u2011of\u2011living adjustment and remains $1,000.<\/li>\n\n\n\n<li>The catch-up contribution limit for employees age 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government&#8217;s Thrift Savings Plan will increase to $7,500.<\/li>\n\n\n\n<li>The catch-up contribution limit for employees age 50 and over who participate in SIMPLE plans will increase to $3,500, up from $3,000.<\/li>\n\n\n\n<li>The phase\u2011out ranges for deducting contributions to a traditional IRA will also increase. Taxpayers should review Notice 2022-55 regarding the details for their situation.<\/li>\n\n\n\n<li>The income phase-out range for people making contributions to a Roth IRA will increase for taxpayers filing as single, head of household and married filing jointly. Again, taxpayers should consult Notice 2022-55 for specifics about their situation.<\/li>\n\n\n\n<li>The income limit for the Saver&#8217;s Credit for low- and moderate-income workers is $73,000 for married couples filing jointly; $54,750 for heads of household; and $36,500 for singles and married individuals filing separately.<\/li>\n\n\n\n<li>The amount individuals can contribute to their SIMPLE retirement accounts will increase to $15,500.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/cookco.us\/news\/wp-content\/uploads\/2018\/09\/cropped-gjc-desk-1024x576.jpg\" alt=\"Greg Cook, EA, CPA, Accredited Tax Advisor\" class=\"wp-image-3194\" srcset=\"https:\/\/cookco.us\/news\/wp-content\/uploads\/2018\/09\/cropped-gjc-desk-1024x576.jpg 1024w, https:\/\/cookco.us\/news\/wp-content\/uploads\/2018\/09\/cropped-gjc-desk-350x197.jpg 350w, https:\/\/cookco.us\/news\/wp-content\/uploads\/2018\/09\/cropped-gjc-desk-680x383.jpg 680w, https:\/\/cookco.us\/news\/wp-content\/uploads\/2018\/09\/cropped-gjc-desk-300x169.jpg 300w, https:\/\/cookco.us\/news\/wp-content\/uploads\/2018\/09\/cropped-gjc-desk-940x529.jpg 940w, https:\/\/cookco.us\/news\/wp-content\/uploads\/2018\/09\/cropped-gjc-desk.jpg 1120w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 &#8212; up from $20,500 for 2022. \u00a0The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and claim the Saver&#8217;s Credit will also all increase for 2023. Here are some of the changes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4304,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2022-11-24T23:04:02Z","apple_news_api_id":"381de651-059e-49a3-a24f-1f8a89023dcd","apple_news_api_modified_at":"2022-11-24T23:04:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AOB3mUQWeSaOiTx-KiQI9zQ","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[84],"tags":[],"class_list":["post-4302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/4302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/comments?post=4302"}],"version-history":[{"count":0,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/4302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media\/4304"}],"wp:attachment":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media?parent=4302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/categories?post=4302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/tags?post=4302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}