The IRS released their annual inflation adjustments for next year, including contribution limits, income limits for IRA contribution deductibility, and the salary threshold to classify “key” and “highly compensated employees.”
There is good news for retirement savers as individual contribution limits will increase from $20,500 in 2022 to $22,500 in 2023 for 401(k) and IRA plans. The maximum income levels allowed to make deductible contributions to both traditional and Roth IRAs have both increased for 2023.
Want to learn more? Download Ubiquity’s 2023 IRS Contribution Limits Guide below.
For 2022 limits please click here.
Or schedule a free consultation with a retirement specialist.
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Questions? Call us: 855.401.7253 Monday – Friday, 6:00 am – 5:30 pm PT
Our consultants have an average of 10 years of experience and can help you navigate the 401(k) landscape–no obligation. Our team is here when you’re ready to get started on your 401(k). Schedule a time that works for you.
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44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357
© 2023 Ubiquity Retirement + Savings
Privacy Policy
Do not sell my info
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357