Contribution limits for 2023 tax year
401(k), 403(b), 475(b) contribution limit for 2023 — $22,500
→ Catch-up provision age 50+ — $7,500
IRA, Roth IRA, Non-Deductible IRA contribution limit for 2023 — $6,500
→ Catch-up provision age 50+ — $1,000
Simple IRA contribution limit for 2023 — $15,500
→ Catch up provision age 50+ — $3,500
Defined Contribution Plans ccontribution limit for 2023 — $66,000
→ Catch up provision age 50+ — $7,500
Health Savings Account contribution limit for 2023 — $3,850 (individual) or $7,750 (families)
→ Catch up provision age 50+ — $1,000
2023 standard deduction
Single tax filers — $13,850
Married, filing jointly — $27,700
Married, filing separately — $13,850
Head of household — $20,800
Traditional IRA income phase-out ranges for 2023 are:
• $73,000 to $83,000 - Single taxpayers covered by a workplace retirement plan.
• $116,000 to $136,000 - Married couples filing jointly. This applies when the spouse making the IRA contribution is covered by a workplace retirement plan.
• $218,000 to $228,000 - A taxpayer not covered by a workplace retirement plan married to someone who is covered.
• $0 to $10,000 - Married filing separate return. This applies to taxpayers covered by a workplace retirement plan.
• $218,000 to $228,000 - A taxpayer not covered by a workplace retirement plan married to someone who is covered.
• $0 to $10,000 - Married filing separate return. This applies to taxpayers covered by a workplace retirement plan.
Roth IRA contributions income phase-out ranges for 2023 are:
• $138,000 to $153,000 - Single taxpayers and heads of households.
• $218,000 to $228,000 - Married, filing jointly.
• $218,000 to $228,000 - Married, filing jointly.
Important tax deadlines and dates
Jan 16, 2023 — Fourth quarter 2022 estimated tax payment due
Jan 24, 2023 — 2022 tax season begins
Jan 31, 2023 — Due date for employers to send W2 forms
Jan 31, 2023 — Certain 1099 forms are sent
Apr 03, 2023 — Required minimum distribution due if you turned 72 in 2022
Apr 18, 2023 — Tax day (unless extended due to local state holiday, natural disasters)
Apr 18, 2023 — Deadline to file Form 4868 and request an extension
— Deadline to make IRA and HSA contributions for 2022 tax year
— First quarter 2023 estimate tax payment due
Jun 15, 2023 — Second quarter 2023 estimate tax payment due
Sep 15, 2023 — Third quarter 2023 estimate tax payment due
Oct 16, 2023 — Deadline to file your extended 2022 tax return
Dec 31, 2023 — Required minimum distributions must be taken for individuals age 73 or older by the end of 2023
Jan 15, 2024 — Fourth quarter 2023 estimated tax payment due
