2023 Benefit Plan Limits Chart
The Internal Revenue Service and Social Security Administration have announced the retirement plan benefit and employment tax limits for 2023. The limits for 2023, as compared to those in effect for 2022, are outlined below.
401(k) & 403(b) Plans, Elective Deferral Limit
|
2022 |
2023 |
| 457(b) plan, total contribution limit |
$20,500 |
$22,500 |
| Age 50 catch-up contribution limit |
$6,500 |
$7,500 |
| Defined contribution plan, total contribution limit |
$61,000 |
$66,000 |
| Defined benefit plan, annual accrual limit |
$245,000 |
$265,000 |
| “Highly compensated employee” status |
$135,000 |
$150,000 |
| Annual compensation limit |
$305,000 |
$330,000 |
| “Key employee” officer status |
$200,000 |
$215,000 |
SIMPLE plans
|
2022 |
2023 |
| Elective deferral limit |
$14,000 |
$15,500 |
| Catch-up contribution limit |
$3,000 |
$3,500 |
IRAs
|
2022 |
2023 |
| Contribution limit |
$6,000 |
$6,500 |
| Catch-up contribution limit |
$1,000 |
$1,000 |
Health Care FSA
|
2022 |
2023 |
| Annual salary reduction limit |
$2,850 |
$3,050 |
| Health FSA Carryover Limit |
$570 |
$610 |
Dependent Care Flexible Spending Accounts
|
2022 |
2023 |
| Married and filing jointly or single parent |
$5,000 |
$5,000 |
| Married but filing separately |
$2,500 |
$2,500 |
Annual HSA Contribution Deduction Limit
|
2022 |
2023 |
| Self-only coverage |
$3,650 |
$3,850 |
| Family coverage |
$7,300 |
$7,750 |
| Catch-up contribution |
$1,000 |
$1,000 |
Out-of-Pocket Spending Limit
|
2022 |
2023 |
| Self-only coverage |
$7,050 |
$7,500 |
| Family coverage |
$14,100 |
$15,000 |
Minimum Annual Deductible
|
2022 |
2023 |
| Self-only coverage |
$1,400 |
$1,500 |
| Family coverage |
$2,800 |
$3,000 |
Qualified Transportation Fringe Benefit
|
2022 |
2023 |
| Maximum monthly qualified parking benefit |
$280 |
$300 |
| Maximum monthly qualified transit pass benefit |
$280 |
$300 |
Social Security Limits
|
2022 |
2023 |
| FICA wage base |
$147,000 |
$160,200 |
Earnings Test Thresholds
|
2022 |
2023 |
| Before normal retirement age |
$19,560 |
$21,240 |
| Year of normal retirement age |
$51,960 |
$56,520 |
| Maximum monthly benefit at full retirement age |
$3,345 |
$3,627 |