Quick Fact Sheet – Roth IRA Contributions
IRA and Tax Tables 2023
Roth IRA Eligibility
Year |
|
|
---|---|---|
2021 | 198,000 - 208,000 | 125,000 - 140,000 |
2022 | 204,000 - 214,000 | 129,000 - 144,000 |
2023 | 218,000 - 228,000 | 138,000 - 153,000 |
If filing married-separate, the phase-out range is $0 - $10,000.
Traditional IRA Deductions
This chart is only for those who are covered by a company retirement plan.
Year |
|
|
---|---|---|
2021 | 105,000 - 125,000 | 66,000 - 76,000 |
2022 | 109,000 - 129,000 | 68,000 - 78,000 |
2023 | 116,000 - 136,000 | 73,000 - 83,000 |
If not covered by a company plan but the spouse is, the phase-out range for 2022 is $204,000 - $214,000 and for 2023 is $218,000 - $228,000. If filing married-separate, the phase-out range is $0 - $10,000.
SEP IRA Contribution Levels
Here's what can be contributed to a SEP IRA:
Year | Maximum Contribution |
---|---|
2023 | Up to 25% of compensation of up to $330,000, but no more than $66,000. Catch-up contributions do not apply. |
Federal Tax Brackets
Taxable Income Brackets for 2023 Ordinary Income Tax Rates
Marginal Tax Rate | Married Filing Joint | Single |
10% | $0 – $22,000 | $0 – $11,000 |
12% | $22,001 – $89,450 | $11,001 – $44,725 |
22% | $89,451 –$190,750 | $44,726 – $95,375 |
24% | $190,751 – $364,200 | $$95,376 – $182,100 |
32% | $364,201 – $462,500 | $182,101 – $231,250 |
35% | $462,501 – $693,750 | $231,251 – $578,125 |
37%* | Over $693,750 | Over $578,125 |
Federal Estate Tax Levels
At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:
Year | Exempt from Tax | Estate-Tax Rate |
---|---|---|
2023 | $12,920,000 per person with portability | Top rate of 40% |
Generation-Skipping Transfer (GST) Tax
Tax on assets transferred to non-spouse heirs at death:
Year | Exempt from Tax | GST Tax Rate |
---|---|---|
2023 | $12,920,000 per person (no portability) | 40% |
Annual Gift Tax Exclusion
You may give the following amount to an individual, free of gift tax:
Year | Annual Exclusion |
---|---|
2023 | $17,000 |
IRA Minimum Distribution Tables
When owners of a Traditional IRA reach age 73, they are required to take annual minimum distributions. The amount changes each year. Simply divide your IRA's value at the end of the prior year by the distribution factor listed next to your age in the following IRS charts: