HOW MUCH CAN YOU PUT INTO YOUR SAVINGS PLAN?
Each year the Treasury Department announces how much you are allowed to put into your retirement savings accounts. Some years the amount remains flat while other years you will see an increase in the contribution limit.
2023 Tax Year Summary
Here is an overview of the changes for 2023. You can download the flyers below for detailed information on all retirement plan types.
The annual contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $22,500 for 2023—a welcome increase from $20,500 in 2022.
Roth IRA adjusted gross incomes (AGI) phase-out limits were increased. For singles and heads of household, the income phaseout range is $138,000 to $153,000 in 2023, up from $129,000 to $144,000 in 2022. The amount for married couples filing jointly went up to $218,000 to $228,000, up from $204,000 to $214,000 in 2022.
The income limit for the saver’s credit for low- and moderate-income workers is $73,000 for married couples filing jointly for 2023, up from $68,000; $54,750 for heads of household, up from $51,000; and $36,500 for singles and married filing separately, up from $34,000.
| ACCOUNT TYPE | 2022 PLAN CONTRIBUTION LIMIT | 2023 PLAN CONTRIBUTION LIMIT |
| IRA | $6,000 Over 50 Additional Catch-Up Contribution Allowed: $1,000 | $6,500 Over 50 Additional Catch-Up Contribution Allowed: $1,000 |
| ROTH IRA | $6,000 Over 50 Additional Catch-Up Contribution Allowed: $1,000 | $6,500 Over 50 Additional Catch-Up Contribution Allowed: $1,000 |
| 403(b) | $20,500 Over 50 Additional Catch-Up Contribution Allowed: $6,500 | $22,500 Over 50 Additional Catch-Up Contribution Allowed: $7,500 |
| 457 | $20,500 Over 50 Additional Catch-Up Contribution Allowed: $6,500 | $22,500 Over 50 Additional Catch-Up Contribution Allowed: $7,500 |
| 401(k) | $20,500 Over 50 Additional Catch-Up Contribution Allowed: $6,500 | $22,500 Over 50 Additional Catch-Up Contribution Allowed: $7,500 |
DETAILED PLAN INFORMATION