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2023 Tax Reference Amounts

Here is a list of the common items that we are asked about the corresponding amounts.

Retirement Accounts

IRA Contribution Limit (Through Age 49)$6,500
IRA Contribution Limit (Age 50 and Up)$7,500
401(k) Contribution Limit (Through Age 49)$22,500
401(k) Contribution Limit (Age 50 and Up)$30,000

The phase-out limits for deducting contributions to a Traditional IRA (based on AGI):

Filing joint and active participant in employer's retirement plan$116,000 - $136,000
Filing single or head-of-household and active participant in
employer's retirement plan
$73,000 - $83,000
Married but filing separate and active participant in employer's
retirement plan
$0 - $10,000
Not active participant in employer's retirement plan but spouse
is an active participant (filing joint)
$218,000 - $228,000


There are different phase-outs for who can contribute to a Roth IRA (based on AGI):

Filing joint$218,000 - $228,000
Filing single or head-of-household$138,000 - $153,000
Married but filing separate$0 - $10,000

Social Security

Amounts related to withholding or credits:

Income subject to OASDI (SS updated this)$160,200
Income subject to MedicareNo limit
Maximum OASDI to be paid by employee (6.2%)$9,932.40
Amount to earn 1 credit (self-employed)$1,470

Maximum earnings and still receive full Social Security benefits:

Under full retirement age (prior years)
Social Security benefit reduced $1 for every $2 over limit.
$21,240/yr  $1,770/mo
Year of full retirement (only months prior to reaching full
retirement age)
Social Security benefit reduced $1 for every $3 over limit.
$56,520/yr  $4,710/mo
Full retirement ageNo limit

Medicare

Standard Part B Premium (ignoring hold-harmless provision)$164.90
Maximum 2021 income for standard Part B premium (Single)$97,000
Maximum 2021 income for standard Part B premium (Joint)$194,000

Health Saving Account (HSA) Limitations

Annual contribution limits:

Self-only Coverage (Through Age 54)$3,850
Self-only Coverage (Age 55 and Up)$4,850
Family Coverage (Through Age 54)$7,750
Family Coverage (Age 55 and Up)$8,750


Minimum annual policy deductibles:

Self-only Coverage$1,500
Family Coverage$3,000


Maximum annual deductible and out-of-pocket expense:

Self-only Coverage$7,500
Family Coverage$15,000

Mileage Rates

Business use65.5¢
Portion of business deduction allocated to depreciation28¢
Medical and Moving22¢
Charitable (statutory)14¢

Miscellaneous Items

Maximum annual gift amount$17,000
Kiddie Tax threshold (oversimplified - no earned income)$1,250


2022 Tax Reference Amounts

2024 Tax Reference Amounts