The IRS has released the latest 401(k), IRA and Roth individual contribution limits for 2023, including income qualification and phase-out thresholds. See the tables below for limits and changes over the last few years.
Main changes include:
- 401(k), 403(b), TSP and most 457 plans pre-tax contribution limits have increased significantly again for 2023, with employee contribution limits increasing nearly 10 percent. This was widely expected given elevated inflation levels.
- Earned income and phase-out ranges for determining eligibility to make tax deductible contributions all increased for 2022. The increases were the largest seen in recent times and even more than the increase last year
- Even those over 50 got a decent bump in catch-up contribution limits, after several years of no increases.
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401(k) Limits
| Year | ||||
|---|---|---|---|---|
| 2024 | ||||
| 2023 | ||||
| 2022 | ||||
| 2021 | ||||
| 2020 | ||||
| 2019 |
See more on 401K changes in 2022 vs 2023
IRA Limits
Tax deductible IRA contributions are based on qualifying income ranges and spousal participation in employer sponsored (e.g. 401K plans). You and make the maximum $6,000 contribution ($7,000 if over 50) in 2022 if you make above the maximum income ranges, but you won’t get a tax deduction. However for higher income earners this is still worth doing as all gains are tax-free.
| Year | ||
|---|---|---|
| 2023 | (Single and have Employer Plan) - $73,000 to $83,000 (Married and have Employer Plan) - $116,000,000 to $136,000 (Married Filing Separately and have Employer Plan) - $0 to $10,000 (Married and Spouse has Employer Plan) - $218,000 to $228,000 |
|
| 2022 | (Single and have Employer Plan) - $68,000 to $78,000 (Married and have Employer Plan) - $109,000 to $129,000 (Married Filing Separately and have Employer Plan) - $0 to $10,000 (Married and Spouse has Employer Plan) - $204,000 to $214,000 |
|
| 2021 | (Single and have Employer Plan) - $66,000 to $76,000 (Married and have Employer Plan) - $105,000 to $125,000 (Married Filing Separately and have Employer Plan) - $0 to $10,000 (Married and Spouse has Employer Plan) - $198,000 to $208,000 |
|
| 2020 | (Single and have Employer Plan) - $65,000 to $75,000 (Married and have Employer Plan) - $104,000 to $124,000 (Married Filing Separately and have Employer Plan) - $0 to $10,000 (Married and Spouse has Employer Plan) - $196,000 to $206,000 |
See more on IRA rules and changes
Roth IRA limits
Roth IRA contributions are only allowed for those below the maximum phase-out income range limits shown in the table below. The maximum contribution ($6000) is allowed for those below the lower end of the phase-out income range limits. See more on latest Roth IRA changes and what this means for you.
Year Roth IRA Contribution Limit Single Filer and HoH Income Phase Out Range Married, Joint Filer Income Phase Out Range Married, Filing Separate Income Phase Out Range
2023 $6,500 ($7,500 if 50 or older) $138,000–$153,000 $218,000–$228,000 $0–$10,000
2022 $6,000 ($7,000 if 50 or older) $129,000–$144,000 $204,000–$214,000 $0–$10,000
2021 $6,000 ($7,000 if 50 or older) $125,000–$140,000 $198,000–$208,000 $0–$10,000
2020 $6,000 ($7,000 if 50 or older) $124,000–$139,000 $196,000–$206,000 $0–$10,000
See more details and eligibility rules in our retirement accounts resource page.
Source: IRS Notice 2022-55