2023 Key Numbers

Updated: Apr 10, 2023

Almost every year various key numbers for retirement savings and gift tax are updated. It’s quite possible that you are already aware of such changes - but let’s take a look just in case.

If you discover that haven’t updated your retirement savings contribution, never fear! You can revise at anytime during the year. Contact us if you need assistance.

Workplace Retirement Plans

Must aggregate employee contributions to all 401(k), 403(b) and SIMPLE plans of all employers. 457(b) plan contributions are not aggregated.
Special catch-up limits may also apply to 403(b) and 457(b) plan participants.
Check your 401k Summary Plan Description to see if you work at a company that offers After-Tax 401k contributions along with an In-Plan Roth Conversion. Contact your Wealth Advisor for more information.

IRA Accounts

Health Savings Accounts

Catch-up Contributions - $1,000.
Annual catch-up contribution limit for individuals age 55 or older.

Gift Tax Exclusion

TIP: If considering utilizing the gift tax exclusion, contact your Wealth Advisor for proper strategy and reporting technique.

Kiddie Tax

TIP: Contact your Wealth Advisor and/or CPA if you are in this situation or to learn more.