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 Medicare | No 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. | $18,960/yr $1,580/mo |
| Year of full retirement (only months prior to reaching full retirement age) Social Security benefit reduced $1 for every $3 over limit. | $50,520/yr $4,210/mo |
| Full retirement age | No 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 use | 65.5¢ |
| Portion of business deduction allocated to depreciation | 28¢ |
| Medical and Moving | 22¢ |
| Charitable (statutory) | 14¢ |
Miscellaneous Items
| Maximum annual gift amount | $17,000 |
| Kiddie Tax threshold (oversimplified - no earned income) | $1,250 |