IRS: You Can Contribute More to Retirement Starting in 2023
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Dec 22, 2022
Pennsylvania - Greater Pittsburgh Area
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In October 2022, the Internal Revenue Service (IRS)
announced contribution limitation adjustments for employee retirement plans in
response to inflation.
The IRS issued Notice 2022-55, which describes
cost-of-living adjustments for retirement and pension plans. The changes are
effective January 1, 2023.
Increases to Contribution Limits for Retirement Plans in the
New Year
Beginning in 2023, workers’ maximum allowed contributions to
401(k), 403(b), 457 plans or, for federal employees, the Thrift Savings Plan
will increase to $22,500 from $20,500.
The catch-up contribution limit for employees 50 years and
older will increase to $7,500 from $6,500. So, if you’re working and are aged
50 or older, you can contribute up to $30,000 ($22,500 + $7,500 = $30,000) to
these types of retirement accounts in 2023 in addition to your employer’s
contributions.
Employees with individual retirement arrangement (IRA)
accounts may contribute up to $6,500 in 2023. The annual cost-of-living
adjustment won’t apply to the IRA catch-up contribution limit for workers 50
years or older; their limit remains $1,000.
The catch-up contribution limit for SIMPLE plans increases
to $3,500 from $3,000 for workers aged 50 and older in 2023.
Phase-Out Ranges
Your annual income level also affects how much you can
contribute to certain types of investment accounts. The IRS, which outlines
these “phase-out” ranges, announced several changes to the phase-out ranges for
traditional and Roth IRAs.
In 2023, if a taxpayer or their spouse has a workplace
retirement plan, an IRA contribution can be reduced until it reaches $0. Again,
applicability depends on income.
Traditional IRA 2023 Phase-Out Ranges
- For
married taxpayers filing jointly if the contributing spouse has a
workplace retirement plan: Between $116,000 and $136,000 (up from
$109,000 to $129,000).
- For
single taxpayers with a workplace retirement plan: $73,000 to
$83,000; this is an increase from $68,000 to $78,000.
- For
someone with an IRA not through their workplace and who is married to
someone covered by a workplace retirement plan: $218,000 to
$228,000, an increase from the 2022 range of $204,000 to $214,000.
- For
a married individual filing separately who is covered by a workplace
retirement plan: The yearly cost-of-living adjustment for
phase-out ranges does not apply. The phase-out range remains $0 to
$10,000.
Roth IRA Phase-Out Ranges for 2023
- For
married taxpayers filing jointly: $218,000 to $228,000, which is
an increase from the 2022 range of $204,000 to $214,000.
- For
single taxpayers: $138,000 to $153,000; this is up from $129,000
to $140,000 in 2022.
- For
married person filing separately: The yearly cost-of-living
adjustment for phase-out ranges doesn’t apply to a married person filing
separately. The phase-out range remains between $0 and $10,000.
The IRS also announced changes to the qualifying income
limit for the Saver’s Credit. The following are the new income limits that will
apply starting in 2023:
Married couples filing jointly can earn up to $73,000, an
increase from $68,000.
- Heads
of household can earn up to $54,750, up from $51,000.
- Singles
and married people filing separately can earn up to $36,500, an increase
from $34,000.
Further Government Efforts to Increase Retirement Savings
More retirement protections in response to inflation may be
coming. In March 2022, the House of Representatives passed the SECURE Act
2.0. If Congress passes this bill, workers 50 and up will have more
opportunities to increase their retirement savings.
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