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