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2023 IRS limits announced

The IRS recently announced 2023 limits affecting retirement plans and other qualified savings vehicles. The amounts have increased in almost all categories.  You will see the changes in bold in this quick reference.

401(k) Related Limits 2023 2022
401(k) Elective Deferrals $22,500 $20,500
401(k) Catch-up Contribution $7,500 $6,500
415 Annual Additions Limit $66,000 $61,000
Annual Compensation Limit $330,000 $305,000
Social Security Taxable Wage Base $160,200 $147,000
Non-401(k) Related Limits
403(b) Elective Deferrals $22,500 $20,500
403(b) Catch-up Contribution $7,500 $6,500
SIMPLE Deferrals $15,500 $14,000
SIMPLE Catch-up Contribution $3,500 $3,000
IRA Contribution $6,500 $6,000
IRA Catch-up Contribution $1,000 $1,000

Source:  Changes in bold.

If you are wondering about tax planning, schedule a complimentary financial review with a SYM Financial advisor today. Click here to get started.

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