fbpx

IRS: 2023 Income Tax Brackets & Limits for Retirement Plans

The IRS this week announced higher federal income tax brackets, standard deductions, and retirement plan contribution limits for 2023.

2023 Marginal Tax Brackets (Married Filing Jointly)

Taxable incomeTaxes owed
$22,000 or less10% of the taxable income
$22,001 to $89,450$2,200 plus 12% of amount over $22,000
$89,451 to $190,750$10,294 plus 22% of amount over $89,450
$190,751 to $364,200$32,580 plus 24% of amount over $190,750
$364,201 to $462,500$74,208 plus 32% of amount over $364,200
$462,501 to $693,750$105,664 plus 35% of amount over $462,500
$693,751 or more$186,601.50 plus 37% of amount over $693,750

Table: Gabriel Cortes / CNBCSource: IRS

2023 Marginal Tax Brackets (Single Individuals)

Taxable incomeTaxes owed
$11,000 or less10% of the taxable income
$11,001 to $44,725$1,100 plus 12% of amount over $11,000
$44,726 to $95,375$5,147 plus 22% of amount over $44,725
$95,376 to $182,100$16,290 plus 24% of amount over $95,375
$182,101 to $231,250$37,104 plus 32% of amount over $182,100
$231,251 to $578,125$52,832 plus 35% of amount over $231,250
$578,126 or more$174,238.25 plus 37% of amount over $578,125

Table: Gabriel Cortes / CNBCSource: IRS

Higher Standard Deduction

The standard deduction will also increase in 2023. The deduction will increase to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single/Individual filers can claim $13,850, an increase from $12,950 in 2022.

Retirement Plan Contribution Limits

Employer-Sponsored Retirement Plan Limits20232022
401(k) / 403(b) Employee Contribution$22,500$20,500
401(k) / 403(b) Catch-Up Contribution (Age 50+)$7,500$6,500
401(k) / 403(b) Total Contribution (<Age 50)$66,000$61,000
401(k) / 403(b) Total Contribution (Age 50+)$73,500$67,500
Annual Compensation Limit$330,000$305,000
SEP-IRA Contribution$66,000$61,000
SIMPLE IRA / SIMPLE 401(k) Contribution$15,500$14,000
Traditional IRA / Roth IRA Limits20232022
Traditional IRA Contribution (<Age 50)$6,500$6,000
Traditional IRA Contribution (Age 50+)$7,500$7,000
Roth IRA Contribution (<Age 50)$6,500$6,000
Roth IRA Contribution (Age 50+)$7,500$7,000
Healthcare FSA / HSA Limits20232022
Healthcare FSA Contribution$3,050$2,850
HSA Contribution (Single)$3,850$3,650
HSA Contribution (Family)$7,750$7,300

IMPORTANT DISCLOSURES: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Bogart Wealth, LLC (“Bogart Wealth”), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from Bogart Wealth. Please remember to contact Bogart Wealth, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Bogart Wealth is neither a law firm nor a certified public accounting firm and no portion of the commentary content should be construed as legal or accounting advice. A copy of the Bogart Wealth’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request.

IMPORTANT DISCLOSURE INFORMATION:

Please remember that past performance is no guarantee of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Bogart Wealth, LLC [“Bogart Wealth”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Bogart Wealth. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Bogart Wealth is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Bogart Wealth’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.bogartwealth.comPlease Note: Bogart Wealth does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Bogart Wealth’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Bogart Wealth client, please contact Bogart Wealth, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

latest posts

Stay up to date with our most recent news and updates!

IT Support by SADOSSecure, Fast Hosting for WordPress

Work with a financial advisor who puts your needs first.

Want to talk first? Call us at
(866) 237-0121

  • This field is for validation purposes and should be left unchanged.

You are now leaving the Bogart Wealth, LLC / Bogart Wealth™ (“Bogart”), website and entering a third party website that we do not control.

Bogart is not responsible for third party websites hyper linked our website, and does not guarantee or necessarily endorse any content, recommendations, products or services offered on third party sites.

In addition, third party websites may have different privacy and security policies than Bogart. Therefore, you should review the applicable privacy and security policies of any third party website before you provide any information.

Ok