Current Retirement Contribution Limits
IRA and Retirement Plan Limits for 2022-2023
Roth and Traditional IRA's:
IRA contribution limits for both Traditional and Roth IRA's
Year: Annual Cap on IRA's
2022 $6,000.00
2023 $6,500.00
For Taxpayers age 50 and over, They will be able to make "Catch up" contributions on their IRA`s. The catch-up contributions are as follows:
Year: Annual Catch-up on IRA's
2022 $1,000.00
2023 $1,000.00
These contributions can be made to a deductible, non-deductible or Roth IRA if your base-line Adjusted Gross Income limits are met for regular contributions.
401(K)s- Salary Deferral:
Salary reduction contributions to 401(K) type plans (Including 403(b)Plans and SEPs)
Year: Annual Cap on 401(K)s (Under 50)
2022 $20,500.00
2023 $22,500.00
Year: Annual Catch-up on 401(K)s (Age 50 and older)
2022 $6,500.00
2023 $7,500.00