The Numbers for 2023 - Big Changes

Advisors Financial Inc. |

The IRS has recently announced updated inflation-adjusted contribution and deduction limits for 2023.  

Below is a brief list of the most requested information:

Retirement and HSA Contributions

401(k), 403(b) and most 457 plans
  • $22,500           Basic Contribution limit
  • $  7,500           Over 50 Catch-up
  • $30,000           Total 2023 contribution (over age 50)
IRA and Roth IRA
  • $  6,500           Basic Contribution
  • $  1,000           Over 50 Catch-up
  • $  7,500           Total 2023 Contribution (over age 50)
  • $15,500           Basic Contribution
  • $  3,500           Over 50 Catch-up
  • $19,000           Total 2023 Contribution (over age 50)
Health Savings Accounts (HSA): 
  • $3,850             Self Only
  • $7,750             Family
  • $1,000             Over 55 catch-up


Taxes and Gifting

Standard Deduction:
  • $27,700           Married Filing Jointly (increase of $1,800)
  • $13,850           Single or Married Filing Separately (increase of 900)
  • $20,800           Head of Household (increase of $1,400)
Annual Gift Limit:
  • $17,000           Annual limit for non-reportable gifts
529 Plans:
  • With the change in the annual exclusion for gifts increasing to $17,000 for calendar year 2023, the 5-year 529 plan accelerated contribution limit goes up to $85,000
Estate Tax Exemption:
  • $12.9 Million   Estate Exemption amount for deaths in 2023


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Important Information  

Advisors Financial, Inc. (“AFI”) is a registered investment advisor.  Advisory services are only offered to clients or prospective clients where AFI and its representatives are properly licensed or exempt from licensure. 

The information provided is for educational and informational purposes only and does not constitute investment advise and it should not be relied on as such.  It should not be considered a solicitation to buy or an offer to sell a security.  It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon.  You should consult your attorney or tax advisor.

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