IRS announces 2023 limits for IRA contributions

November 21, 2022 by mreagor

On October 21, 2022, the Internal Revenue Service (IRS) announced an increase in the amount that individuals can contribute to their 401(k) plans, from $20,500 in 2022 to $22,500 in 2023. In addition, the catch-up contribution limit for employees who are aged fifty or older will increase from $6,500 in 2022 to $7,500 in 2023. The limits on contributions to traditional and Roth individual retirement accounts (IRAs) will increase from $6,000 in 2022 to $6,500 in 2023, with individuals aged fifty or over permitted to contribute an additional catch-up contribution of $1,000 (unchanged from 2022).

11/21/2022

HOW TO GET TO OUR OFFICE:

From the South: Follow I-25 North past C470 to exit 199 for Belleview East, following off the exit to the right. At the third light (Ulster), turn right. Ulster turns into Prentice, and the Edward Building is on the right, which is the southwest corner.

From the North: Follow I-25 South to exit 199 for Belleview east. Turn left at the bottom of the exit onto Belleview. At the third light (Ulster) turn right. Ulster turns into Prentice, and the Edward Building is on the right, which is the southwest corner.