The contribution limit for Traditional and Roth IRAs remains the same as in 2022: $6,000 for individuals under the age of 50 and $7,000 for individuals who are 50 or older.
The income limits for making contributions to a Roth IRA are also the same as in 2022. For individuals, the contribution limit phases out between $129,000 and $144,000 of modified adjusted gross income (MAGI). For married couples filing jointly, the contribution limit phases out between $204,000 and $214,000 of MAGI.
For the year 2022, the contribution limit for a 401(k) plan is $20,500 for individuals under age 50. For individuals who are age 50 or older, there is an additional catch-up contribution limit of $6,500, which brings the total contribution limit to $27,000. It's important to note that some employers may have their own contribution limits, so be sure to check with your employer to see if there are any additional restrictions or rules you need to be aware of.
For the year 2023, the contribution limits for a SIMPLE IRA (Savings Incentive Match Plan for Employees) are:
Employee contributions: Up to $14,000 (up from $13,500 in 2022) if you are under age 50, or up to $16,000 (up from $16,500 in 2022) if you are age 50 or older by the end of the calendar year.
Employer contributions: Employers are required to make either a matching contribution of up to 3% of an employee's compensation or a non-elective contribution of 2% of an employee's compensation, regardless of whether the employee makes contributions.
For the year 2023, the contribution limits for a Solo 401(k) plan are:
Employee contributions: Up to $19,500 (up from $19,000 in 2022) if you are under age 50, or up to $26,000 (up from $25,500 in 2022) if you are age 50 or older by the end of the calendar year.
Employer contributions: In addition to the employee contribution limits, the employer can also make a profit-sharing contribution of up to 25% of compensation, up to a maximum combined employee and employer contribution of $64,500 (up from $64,000 in 2022) for individuals under age 50, or $71,500 (up from $70,500 in 2022) for individuals age 50 or older by the end of the calendar year.