Broker Check

Contribution Limit Updates for 2023

December 05, 2022

As we approach the end of another year, it’s a good idea to review your tax-advantaged savings and be sure you’re maximizing all opportunities for which you are eligible. Additionally, there have been quite a few changes to the limits for 2023, so now is the time to make adjustments to your automatic deferrals or savings.

For those of you who are turning 50 or 55 this year, you may also be eligible for additional catch-up contributions to your employer-sponsored retirement plans or health savings account.

Please take note of these IRS limits for 2022 and 2023:

And be sure to talk to your CPA regarding your eligibility to make ROTH or IRA contributions.  The contribution limits have changed and you have until the tax deadline, April 17th, to make contributions for 2022.

As always, please feel welcome to call our office with any questions or concerns and to wrap up any end-of-year items such as charitable gifting, Roth conversions, or any other contribution or distribution needs.

IRA tax deductibility and contribution eligibility may be restricted if your income exceeds certain limits, please consult with a financial professional for more information.

While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You sohuld discuss tax or legal matters with the appropriate professional.

Stonegate Financial is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. 

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