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The IRS has increased the contribution limits for many retirement savings plans. For 2023, 401(k)s, 403(b)s, most 457 plans, and the Thrift Savings Plan for government employees and the armed services will see an increase to $22,500, from $20,500. The catch-up provision for savers 50 and above remains the same, $7,500, for a total of $30,000.
While the contribution levels for IRA accounts did not increase, the phase-out ranges did get a cost-of-living bump. These determine whether and how much of your IRA contribution is tax-deductible.
For 2023, the phase-out ranges are as follows:
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