EFS Financial 

(713) 520-0010

member login
Texas Insurance License #844685

 
contribution limits 

Contribution Limits

 

2023

 

Limit on employee contributions to 401k, Solo 401k, 403b or 457 plan

 

$22,500

 

Limit on 50+ catch-up contributions to 401k, Solo 401k, 403b or 457 plan

 

$7,500

 

Simple IRA contribution limits

 

$15,500

 

Simple IRA age 50+ catch-up contribution limits

 

$3,500

 

Highly Compensated Employee definition

 

$135,000

 

Maximum annual additions to all defined contribution plans by the same employer

 

$61,000

 

Traditional and Roth IRA contribution limit

 

$6,500

 

Traditional and Roth IRA age 50+ catch-up contribution limit

 

$1,000

 

Deductible IRA income limit, single, active participant in workplace retirement plan

 

$65-$75k

 

Deductible IRA income limit, married, active participant in workplace retirement plan

 

$104-$124k

 

Deductible IRA income limit, married, spouse is active participant in workplace retirement plan

 

$196-$206k

 

Roth IRA income limit, single

 

$124-$139k

 

Roth IRA income limit, married filing jointly

 

$196-$206k

 

FSA Contribution Limit

 

$2,750

 

HSA Contribution Limit, single coverage

 

$3,550

 

HSA Contribution Limit, family coverage

 

$7,100

 

HSA Contribution Limit, age 55 catch-up

 

$1,000

 
 
contact Jay Allen Finn CPA