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  • Daphne Jordan CFP (R)

2023 Key Numbers



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

Plan

Annual Contribution Limit

Catch-up Contributions

401(k) plans, 403(b) plans, 457(b) plans Includes Roth 401(k) and Roth

403(b) contributions

Lesser of $22,500 or 100% of participant's compensation

$7,500

SIMPLE 401(k) plans and

SIMPLE IRA plans

Lesser of $15,500 or 100% of participant's compensation

$3,500

  • 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

Plan

Annual Contribution Limit

Catch-up Contributions

Traditional IRAs

Lesser of $6,500 or 100% of earned income

$1,000

Roth IRAs

Lesser of $6,500 or 100% of earned income

$1,000

SEP IRAs

25% of total compensation of employees covered under the plan (20% if self employed). Contact your Wealth Advisor and/or CPA for additional calculation considerations.

Not applicable


Health Savings Accounts

Type of Account

Annual Contribution Limit

​Self-only coverage

$3,850

​Family coverage

$7,750

  • Catch-up Contributions - $1,000.

  • Annual catch-up contribution limit for individuals age 55 or older.


Gift Tax Exclusion

Gift Tax Exclusion Amount

Annual Amount

Annual gift tax exclusion--single individual

​$17,000

Annual gift tax exclusion--joint gift

​$34,000

​Lump-sum gift to 529 plan--single individual

​$85,000

​Lump-sum gift to 529 plan--joint gift

​$170,000

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


Kiddie Tax

Kiddie Tax

Annual Limit

Children's unearned income over this amount generally taxed at parents' tax rates

$2,500

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


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