2022-2023 IRS limitations for Optometrists
KEY POINTS:
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(1) 401(k) and 403(b) Increase to $22,500 along with catch-up contribution to $7,500 if you're 50yo+
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(2) Total Contribution Limit for 401K with for all you super savers increase to $66,000.
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(3) Trad and Roth IRA limits finally increase to $6,500 after many years, with catch up still the same at $1,000 (50yo+)
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(4) Backdoor Roth IRA max income limits increase to $153,000 (single) or $228,000 (married)
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(5) SEP IRA increase to $66,000 from $61,000
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(6) SIMPLE IRA increase to $15,500, a boost of $1,500
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(7) HSA increase to $3,850 (single) & $7,750 (family) with FSA increase to $3,050 (single/family)
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(8) Social security max taxable wage base increase to $155,100 in 2023
With inflation rising at all time highs, it definitely seem that the IRS is adjusting quite drastically for most of these accounts for 2023!
While all of these limits might seem higher, remember that it is mainly keeping up with inflation, which the consumer index is estimated at 8%. in 2022. Please use these important limit to adjust your financial planning for 2023 especially for any retirement plans!
If you have any questions about your retirement plan or IRS limits, please contact your tax professional.
Want to learn how to plan for Retirement? Check out our The Optometrist's Guide to Retirement
Need help with your Tax? Check out our Recommended Tax Experts
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