Traditional | Roth | Coverdell ESA | HSA | 401(k) | SIMPLE | SEP
Click each plan name for more information.
| Plan Types | 2022 | Deadline | Plan Types | 2023 | Deadline |
|---|---|---|---|---|---|
| Traditional IRA * | |||||
| Regular Limit** | $6,000 | April 18, 2023 | Regular Limit** | $6,500 | April 15, 2024 |
| Age 50 and Older Catch-Up Limit | $1,000 | April 18, 2023 | Age 50 and Older Catch-Up Limit | $1,000 | April 15, 2024 |
| AGI TAX DEDUCTION PHASE-OUTS | DEDUCTION LIMIT | AGI TAX DEDUCTION PHASE-OUTS | DEDUCTION LIMIT | ||
| Married Joint Return: Spouse making contribution is covered by workplace retirement plan. | Married Joint Return: Spouse making contribution is covered by workplace retirement plan. | ||||
| Up to $109,000 | Full | April 18, 2023 | Up to $116,000 | Full | April 15, 2024 |
| Between $109,000 – $129,000 | Partial | April 18, 2023 | Between $116,000 – $136,000 | Partial | April 15, 2024 |
| Over $129,000 | None | April 18, 2023 | Over $136,000 | None | April 15, 2024 |
| Married Separate Returns: Taxpayers covered by workplace retirement plans. | Married Separate Returns: Taxpayers covered by workplace retirement plans. | ||||
| Up to $10,000 | Partial | April 18, 2023 | Up to $10,000 | Partial | April 15, 2024 |
| Over $10,000 | None | April 18, 2023 | Up to $10,000 | None | April 15, 2024 |
| Married taxpayer not covered by workplace retirement plan married to someone who is. | Married taxpayer not covered by workplace retirement plan married to someone who is. | ||||
| Up to $204,000 | Full | April 18, 2023 | Up to $218,000 | Full | April 15, 2024 |
| Between $204,000 – $214,000 | Partial | April 18, 2023 | Between $218,000 – $228,000 | Partial | April 15, 2024 |
| Over $214,000 | None | April 18, 2023 | Over $228,000 | None | April 15, 2024 |
| Unmarried: Covered by workplace retirement plan | Unmarried: Covered by workplace retirement plan | ||||
| Up to $68,000 | Full | April 18, 2023 | Up to $73,000 | Full | April 15, 2024 |
| Between $68,000 – $78,000 | Partial | April 18, 2023 | Between $73,000 – $83,000 | Partial | April 15, 2024 |
| Over $78,000 | None | April 18, 2023 | Over $83,000 | None | April 15, 2024 |
| Unmarried | Unmarried | ||||
| Up to $129,000 | Full | April 18, 2023 | Up to $138,000 | Full | April 15, 2024 |
| Between $129,000 – $144,000 | Partial | April 18, 2023 | Between $138,000-$153,000 | Partial | April 15, 2024 |
| Over $144,000 | None | April 18, 2023 | Over $153,000 | None | April 15, 2024 |
| Roth IRA * | |||||
| CONTRIBUTIONS | LIMIT | CONTRIBUTIONS | LIMIT | ||
| Regular Limit** | $6,000 | April 18, 2023 | Regular Limit** | $6,500 | April 15, 2024 |
| Age 50 and Older Catch-Up Limit | $1,000 | April 18, 2023 | Age 50 and Older Catch-Up Limit | $1,000 | April 15, 2024 |
| AGI CONTRIBUTION PHASE-OUTS | AGI CONTRIBUTION PHASE-OUTS | ||||
| Married Joint Return | Married Joint Return | ||||
| Up to $204,000 | Full | April 18, 2023 | Up to $218,000 | Full | April 15, 2024 |
| $204,000 -$214,000 | Partial | April 18, 2023 | Between $218,000-$228,000 | Partial | April 15, 2024 |
| Over $214,000 | None | April 18, 2023 | Over $228,000 | None | April 15, 2024 |
| Married Filing Separately | Married Filing Separately | ||||
| Up to $10,000 | Partial | April 18, 2023 | Up to $10,000 | Partial | April 15, 2024 |
| Over $10,000 | None | April 18, 2023 | Over $10,000 | None | April 15, 2024 |
| Unmarried | Unmarried | ||||
| Up to $129,000 | Full | April 18, 2023 | Up to $138,000 | Full | April 15, 2024 |
| Between $129,000 – $144,000 | Partial | April 18, 2023 | Between $138,000-$153,000 | Partial | April 15, 2024 |
| Over $144,000 | None | April 18, 2023 | Over $153,000 | None | April 15, 2024 |
| Coverdell ESA | |||||
| Contribution Limit (per beneficiary)*** | $2,000 | April 18, 2023 | Contribution Limit (per beneficiary)*** | $2,000 | April 15, 2024 |
| Unmarried with AGI of $95,000 or below | Full | April 18, 2023 | Unmarried with AGI of $95,000 or below | Full | April 15, 2024 |
| Joint filers with AGI of $190,000 or below | Full | April 18, 2023 | Joint filers with AGI of $190,000 or below | Full | April 15, 2024 |
| Unmarried with AGI between $95,000 – $110,000 | Partial | April 18, 2023 | Unmarried with AGI between $95,000 – $110,000 | Partial | April 15, 2024 |
| Joint filers with AGI between $190,000 – $220,000 | Partial | April 18, 2023 | Joint filers with AGI between $190,000 – $220,000 | Partial | April 15, 2024 |
| Unmarried with of $110,000 and above | None | April 18, 2023 | Unmarried with of $110,000 and above | None | April 15, 2024 |
| Joint filers with AGI of $220,00 and above | None | April 18, 2023 | Joint filers with AGI of $220,00 and above | None | April 15, 2024 |
| HSA | |||||
| Maximum Contribution Self-Only Coverage | $3,650 | April 18, 2023 | Maximum Contribution Self-Only Coverage | $3,850 | April 15, 2024 |
| Maximum Contribution Family Coverage | $7,300 | April 18, 2023 | Maximum Contribution Family Coverage | $7,750 | April 15, 2024 |
| Age 55 Catch-Up Limit**** | $1,000 | April 18, 2023 | Age 55 Catch-Up Limit**** | $1,000 | April 15, 2024 |
| HDHP Minimum Annual Deductible Self-Only Coverage | $1,400 | April 18, 2023 | HDHP Minimum Annual Deductible Self-Only Coverage | $1,500 | April 15, 2024 |
| HDHP Minimum Annual Deductible Family Coverage | $2,800 | April 18, 2023 | HDHP Minimum Annual Deductible Family Coverage | $3,000 | April 15, 2024 |
| HDHP Maximum Out of Pocket Self-Only Coverage | $7,050 | April 18, 2023 | HDHP Maximum Out of Pocket Self-Only Coverage | $7,500 | April 15, 2024 |
| HDHP Maximum Out of Pocket Family Coverage | $14,100 | April 18, 2023 | HDHP Maximum Out of Pocket Family Coverage | $15,000 | April 15, 2024 |
| 401(k) | |||||
| Elective Deferral Limit | $20,500 | Deferred from last paycheck or December 31, 2022 | Elective Deferral Limit | $22,500 | Deferred from last paycheck or December 31, 2023 |
| Age 50 Catch-Up Limit | $6,500 | Deferred from last paycheck or December 31, 2022 | Age 50 Catch-Up Limit | $7,500 | Deferred from last paycheck or December 31, 2023 |
| Defined contribution maximum deferral (employer/employee combined) | $61,000 | April 18, 2023 or October 16, 2023 with extension | Defined contribution maximum deferral (employer/employee combined) | $66,000 | April 15, 2024 or October 15, 2024 with extension |
| SIMPLE | |||||
| Elective Deferral Limit | $14,000 | Deferred from last paycheck or December 31, 2022 | Elective Deferral Limit | $15,500 | Deferred from last paycheck or December 31, 2023 |
| Age 50 Catch-Up Limit | $3,000 | Deferred from last paycheck or December 31, 2022 | Age 50 Catch-Up Limit | $3,500 | Deferred from last paycheck or December 31, 2023 |
| Limitation on Compensation | $305,000 | N/A | Limitation on Compensation | $330,000 | N/A |
| SEP | |||||
| Defined contribution maximum deferral (employer/employee combined) | $61,000 | April 18, 2023 October 16, 2023 if employer files for extension | Defined contribution maximum deferral (employer/employee combined) | $66,000 | April 15, 2024 |
| Limitation on Compensation | $305,000 | N/A | Limitation on Compensation | $330,000 | N/A |
| Minimum Compensation | $650 | N/A | Minimum Compensation | $750 | N/A |
* If you have Traditional and Roth IRAs or more than one Traditional IRA, your total maximum contribution to all IRAs is $6,000 (2022) or $6,500 (2023), plus $1,000 if you are 50 or older.
** Or 100% or earned income up to $6,000 (2022) or $6,500 (2023), plus $1,000 if you are 50 or older.
*** Companies may contribute to ESA’s (no income limit).
**** If more than 1 person in the Family Plan is over 55 an additional account is required to make catch-up contribution.
