Advisor Flipbooks

© 2023 SEI 4 2022/2023 Traditional, Roth, SEP and SIMPLE IRA Contribution Limits Traditional IRA and SEP IRA 'Employee' Contribution Limits 2022 2023 Regular contribution: $6,000 $6,500 Catch-up contribution: $1,000 $1,000 Traditional IRA and SEP IRA 'Employee' Deductibility phase out range AGI – 2022 AGI – 2023 Single participant (Covered by retirement plan) $68,000 – $78,000 $73,000 – $83,000 Married filing jointly (Covered by retirement plan) $109,000 – $129,000 $116,000 – $139,000 Married filing separately (Covered by retirement plan) $0 – $10,000 $0 – $10,000 Married filing jointly (Spouse covered by retirement plan) $204,000 – $214,000 $218,000 – $228,000 Married filing separately (Spouse covered by retirement plan) $0 – $10,000 $0 – $10,000 Not covered by retirement plan: Fully deductible Roth IRA Contribution Limits 2022 2023 Regular contribution: $6,000 $6,500 Catch-up contribution $1,000 $1,000 Roth IRA Contribution Phase Out Range AGI 2022 AGI 2023 Single participant <$129,000 <$138,000 Full Contributions $129,000 - $144,000 $138,000 - $153,000 Partial Contribution >$144,000 >$153,000 No Contribution Married filing jointly <$204,000 <$218,000 Full Contributions $204,000 – $214,000 $218,000 – $228,000 Partial Contribution >$214,000 >$228,000 No Contribution Married filing separately $0 – $10,000 $0 – $10,000 Partial Contribution >$10,000 >$10,000 No Contribution SEP IRA Employer Contribution Employer contribution limits for 2022 Employer contribution limits for 2023 25% of eligible employee's compensation or $61,000 25% of compensation or $65,000 Compensation Limit: $305,000 Compensation Limit: $330,000 SIMPLE IRA Salary Deferral Contribution 2022 2023 Salary Deferral Limit: $14,000 $15,500 Catch Up Deferral Limit: $3,000 $3,500

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