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 Type | Limit | Catch-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 Type | Limit | Catch-Up |
| HSA (Single) | $3,850 | $1,000 if over 55 |
| HSA (Family) | $7,750 | $1,000 if over 55 |
| FSA | $3,050 |
Long Term Capital Gains Rates
| Filing Status | 0% Rate | 15% Rate | 20% Rate |
| Single | Up to $44,625 | $44,626-$492,300 | Over $492,300 |
| Head of Household | Up to $59,750 | $59,751-$523,050 | Over $523,050 |
| Married Filing Jointly | Up to $89,250 | $89,251-$553,850 | Over $553,850 |
| Married Filing Separately | Up to $44,625 | $44,626-$276,900 | Over $276,900 |
| Estates and Trusts | Up to $3,000 | $3,001-$14,650 | Over $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 Rate | 40% |
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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