2023 Contribution Limits (IRS through CNBC)

[steelyman]

I’ve been waiting to see this update as it affects my options as a retiree to contribute to tax-favored accounts (even $7500 for 50-plus matters):

Taxpayers who contribute to individual retirement accounts (IRAs) can put away an extra $500 starting in 2023. The limit increases to $6,500, plus $1,000 in catch-up contributions for those 50 and older. The catch-up contribution limit is the same as last year.

IRS: These are your 401(k) and IRA contribution limits for 2023

https://www.cnbc.com/2022/10/21/irs-2023-401k-and-ira-contribution-limits.html

 

[Toast]

Thanks for posting! I've been waiting for this to be announced.