Tax Year 2023
Account Type Requirements Contribution Limit More Reading
Traditional or Roth IRA Contribution

(subject to phaseouts, limited by wages)

 Age 49 and under $6,500 Should I Fund a Roth or a Traditional Account?

Do Large Roth Conversions Require Backdoor Roth Contributions?

Change from 2022:
+$500 to the contribution limit
Catch-up contribution stays at $1,000
Age 50 and over $7,500
Employee Elective Deferral
401(k) or 403(b) plans		 Age 49 and under $22,500 Choosing Between Your Employee Retirement Account Options

Is Funding My 401(k) Match Sufficient to Fund My Retirement?

Change from 2022:
+$2,000 to the elective deferral
Catch-up contribution increases by +$1,000 to $7,500
Age 50 and over $30,000
Employee Deferred Compensation
457(b) plans		 Age 49 and under $22,500 There also may be special 457(b) catch-up contributions when you are 3 years prior to the plan’s specified retirement age.

Change from 2022:
+$2,000 to the elective deferral
Catch-up contribution increases by +$1,000 to $7,500
Age 50 and over $30,000
Employee Elective Deferral
SIMPLE 401(k) or IRA Plan
(with further limitations)		 Age 49 and under $15,500 Change from 2022:
+$1,500 to the elective deferral
Catch-up contribution increases by +$500 to $3,500
Age 50 and over $19,000
SEP IRA Employer Contribution

401(k), 403(b), or 457 plans Employer Contribution

 The smaller of: $66,000

or 25% of compensation

 Can I Contribute to Both a SEP and a 401(k)?

Individual 401(k) Elective Deferral Limits and Deadlines

Service: Retirement Plan Management

Change from 2022:
+$5,000 to the limitation for defined contribution plans
Health Savings Account (HSA) Contribution Single Plan Age 54 and under $3,850 When Should You Stop Funding Your HSA?

When Partial-Year HSA Contribution Limits Don’t Apply

A Guide to HSA Qualified Medical Expenses, Contributions, and Family Plans with Adult Children

Service: Health Savings Account Advice

Change from 2022:
+$200 to base single contribution limit
+$450 to base family contribution limit
Age 55 and over $4,850
Family Plan Age 54 and under $7,750
Age 55 and over $8,750
Other Spouse Catch-Up Age 54 and under +$0 Both Spouses Can Make The HSA Catch-Up Contribution

Catch-up contribution remains at $1,000
Age 55 and over +$1,000
Annual Gift Exclusion Per Donee / Donor Combination $17,000 Gifts, Taxes, and IRS Form 709

Annual Exclusion From Gift Taxes

IRS: Frequently Asked Questions on Gift Taxes

Change from 2022:
+$1,000 to the annual limit

Need help figuring out which account to fund first?
You may enjoy our Account Funding Priorities series.

You can find the IRS page on the same topic here: Retirement Topics – Contributions

Previous years:

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