|
2023
|
2022
|
Retirement Plan Contribution Limits
|
Individual Retirement Accounts |
$ 6,500 |
$ 6,000 |
Section 401(k) plans |
22,500 |
20,500 |
Section 415 limit for: |
Defined contributions plans |
66,000 |
61,000 |
Over age 50 additional contributions: |
401(k) type plans |
7,500 |
6,500 |
IRAs |
1,000 |
1,000 |
IRA AGI Deduction phase-out starting at: |
Joint Return (if taxpayers are covered by a workplace retirement plan) |
116,000 |
109,000 |
Joint Return (taxpayer not covered by a workplace retirement plan married to someone who is covered) |
218,000 |
204,000 |
Single or Head of Household |
73,000 |
68,000 |
ROTH IRA AGI Deduction phase-out starting at: |
Joint Return |
218,000 |
204,000 |
Single or Head of Household |
138,000 |
129,000 |
Social Security Beneficiaries Earnings Limits
|
Under full retirement age |
21,240 |
19,560 |
Full retirement age |
4,710/mo. |
4,330/mo. |
FICA Taxable Wage Base Limits
|
Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) |
160,200 |
147,000 |
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.) |
No limit |
No limit |
Health Savings Accounts
|
Individual |
3,850 |
3,650 |
Family |
7,750 |
7,300 |
Catch-Up (55 or older) |
1,000 |
1,000 |
Section 179 Expense
|
Maximum expense election |
1,160,000 |
1,080,000 |
Phaseout threshold |
2,890,000 |
2,700,000 |
Estate Taxes
|
Estate tax exemption |
12,920,000 |
12,060,000 |
Top estate tax rate |
40% |
40% |
Gift Taxes
|
Lifetime gift tax exemption |
12,920,000 |
12,060,000 |
Annual gift tax exemption |
Gifts per person |
17,000 |
16,000 |
Joint gifts with spouse |
34,000 |
32,000 |
Standard Mileage Rates
|
|
|
Business |
65.5¢ per mile |
58.5¢ per mile (1/1-6/30)
62.5¢ per mile (7/1-12/31) |
Charitable |
14¢ per mile |
14¢ per mile |
Medical and Moving |
22¢ per mile |
18¢ per mile (1/1-6/30)
22¢ per mile (7/1-12/31) |
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