The Numbers for 2023 - Big Changes
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
- $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
- 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
If you have any questions, please reach out.
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