2023 Annual Limits

2023 Annual Limits

2023 Annual Limits

As we enter 2023, it is prudent to update funding amounts for various account types to reflect new contribution limits.  With inflation higher than normal in 2022, contribution limits saw larger-than-normal increases for the new year.  Below we will overview annual limits for notable financial planning items.

Retirement Accounts

Account TypeLimitCatch-Up
IRA$6,500$1,000 if over 50
Roth IRA$6,500$1,000 if over 50

401(k) Deferral 

(Pre-tax or Roth)

$22,500$7,500 if over 50

401(k) Additions 

(415 Limit)

$66,000$7,500 if over 50
SEP IRA$66,000 
SIMPLE IRA$15,500$3,500 if over 50


Health Savings Accounts

Account TypeLimitCatch-Up
HSA (Single)$3,850$1,000 if over 55
HSA (Family)$7,750$1,000 if over 55


Long Term Capital Gains Rates

Filing Status0% Rate15% Rate20% Rate
SingleUp to $44,625$44,626-$492,300Over $492,300
Head of HouseholdUp to $59,750$59,751-$523,050Over $523,050
Married Filing JointlyUp to $89,250$89,251-$553,850Over $553,850
Married Filing SeparatelyUp to $44,625$44,626-$276,900Over $276,900
Estates and TrustsUp to $3,000$3,001-$14,650Over $14,650


Estate and Gift Tax

Annual Gift Tax Exclusion$17,000
Estate and Gift Tax Basic Exclusion$12,920,000 per Person
Maximum Estate Tax Rate40%


Account types may have limits based on your specific situation and it is always important to discuss them with your CPA or a financial professional.  If you’d like to have an introductory call to discuss your situation with our team click here to schedule a call.

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