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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