2023 Contribution Limits

Cheri Franklin CFP | Clarity Capital Advisors |

The IRS has announced new limits for contributions to 401(k)/403(b) accounts and IRAs. The 2023 401(k) employee contribution limit is $22,500 with an age 50+ catch-up of $7,500. The grand total contribution limit (employer plus employee) is $66,000 below age 50 and $73,500 for age 50+. The IRA and Roth IRA contribution limit is $6,500 with an age 50+ catch-up of $1,000. 

Eligibility of Roth IRA contributions:

For single taxpayers, the phaseout range is now $138,000 to $153,000. For married couples filing jointly, the income phase-out range is $218,000 to $228,000.