Tax Information & Schedules

All you need to know to plan for tax efficiency.

We know how important it is for you to prepare for tax efficiency year-round. To assist you in making decisions geared toward minimizing your tax burden, we’ve provided up-to-date tax-related information below. We recommend that you meet with your financial or tax advisor at least once a year for personalized guidance.

To schedule a complimentary, no-obligation appointment to discuss how these limits may impact you and your future retirement, click here or call 703-810-1072 (800-269-2156), x110.
 

2022-2023 Year-End Tax Season Guide | VIEW HERE >
This guide can ease some of the burden in preparing for the upcoming tax season. Check back for our 2022/2023 Tax Season Guide coming soon.

2023 Tax Statement Mailing Schedule VIEW HERE >
Clients will receive 1099 Consolidated Tax Statements between January and March.


Retirement Plan Contribution Limits

The Internal Revenue Service (IRS) imposed the following retirement plan contribution limits for the 2023 tax year. The 2022 contribution limits are still listed at the bottom of this page for your reference.
 

2023 Tax Year:

IRA Contributions 
 
An individual must have received an equivalent amount of earned income during the tax year to contribute to an IRA. 

Traditional: $6,500 in 2023 (a $500 increase from 2022) 

Roth $6,500 in 2023 (a $500 increase from 2022) 

Catch-up Contribution (age 50 & older): $1,000 in 2023 (unchanged from 2022) 

Maximum Contribution (age 50 & older): $7,500 in 2023 (up $500 from 2022) 

  

Traditional IRA Contributions Deductibility Modified Adjusted Gross Income (MAGI) Limits 

When the taxpayer or spouse is covered by or eligible for an employer-sponsored retirement plan. If you and your spouse are not covered by an employer-sponsored plan, there are no income limits. 

Single/Head of Household:* $73,000 – $83,000 in 2023 (up from $68,000 – $78,000 in 2022) 

Married, Filing Jointly or Qualifying Widow(er): $116,000 – $136,000 in 2023 (up from $109,000 – $129,000 in 2022) 

Married, Filing Jointly(taxpayer not covered by an employer-sponsored plan but spouse is):  
$218,000 – $228,000 in 2023 (up from $204,000 – $214,000 in 2022) 

Married, Filing Separately: $0 – $10,000 in 2023 (unchanged from 2022; not subject to a COLA) 

*If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “Single” filing status. 

See the detailed chart at IRS.gov

  

Roth IRA MAGI Range Income Limits & Contribution Amounts 

Single Head of Household or Married Filing Separately (and you did not live with your spouse at any time during the year): $138,000 – $153,000 in 2023 (up from $129,000 – $144,000 in 2022) 

Married Filing Jointly or Qualifying Widow(er): $218,000 – $228,000 in 2023 (up from $204,000 – $214,000 in 2022) 

Married Filing Separately (and you lived with your spouse at any time during the year): $0 – $10,000 in 2023 (unchanged from 2022; not subject to COLA) 

See the full chart at IRS.gov

  

No Age-Based Limit on IRA Contributions or Roth Conversions 

The passing of the SECURE ACT in 2019 eliminated the age-based limit on making contributions to a Traditional IRA, effective January 1, 2020. 

Contributions to a Roth IRA or SEP IRA are still permitted regardless of age as long as the individual making the contribution (or his or her spouse) received an equivalent amount of earned income during the tax year. 

Conversions from a Traditional IRA to a Roth IRA are permitted regardless of age and the amount of earned income. 

 

Contributions to 401(k), 403(b) & most 457 plans, as well as the Federal Government’s Thrift Savings Plan (TSP) 

Standard limit: $22,500 in 2023 (up $2,000 from 2022) 

Catch-up contribution: (age 50 & older): $7,500 in 2023 (up $1,000 from 2022) 

Maximum contribution (age 50 & older): $30,000 in 2023 (up $3,000 from 2022)  

For details, visit IRS.gov

 

Federal Pension COLA 

Civil Service Retirement System (CSRS): 8.7% increase in 2023, up 2.8% from 2022.  

Federal Employees Retirement System (FERS): 7.7% increase in 2023, up 2.8% from 2022.  

For details on the 2023 federal retirement COLAs, see this Fedweek article.   

 

Social Security and Supplemental Security Income (SSI) Cost-of-Living Adjustment (COLA) 

The Social Security Act ties the annual COLA to the increase in the Consumer Price Index (CPI-W), as determined by the Department of Labor’s Bureau of Labor Statistics (BLS). 

Effective January 1, 2023, Social Security and Supplemental Security Income (SSI) benefits are set to increase by 8.7% for eligible beneficiaries, a 2.8% increase over 2022. 

For additional details, visit SSA.gov
 

Annual Gift Tax Exclusion Limits 

The annual gift tax exclusion limit is per unique giver and recipient. Gift recipients do not owe any taxes on the gift. 

$17,000 per individual in 2023 (up $1,000 from 2022) 

$34,000 per married couple in 2023 (up $2,000 from 2022) 

For more information about gift taxation, see this FAQ on the IRS website. 

 

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2022 Tax Year:

IRA Contributions
An individual must have received an equivalent amount of earned income during the tax year to contribute to an IRA.

Traditional: $6,000 (unchanged from 2021)

Roth: $6,000 (unchanged from 2021)

Catch-up Contribution (age 50 & older): $1,000 (unchanged from 2021)

Maximum Contribution (age 50 & older): $7,000 (unchanged from 2021)

 

Traditional IRA Contributions Deductibility Modified Adjusted Gross Income (MAGI) Limits

When the taxpayer or spouse is covered by (or eligible for) an employer-sponsored retirement plan. If you and your spouse are not covered by an employer-sponsored plan, there are no income limits.

Single/Head of Household*: $68,000 - $78,000 (up from $66,000 - $76,000 in 2021)

Married, Filing Jointly or Qualifying Widow(er): $109,000 – $129,000 (up from $105,000 – $125,000 in 2021)

Married, Filing Jointly (taxpayer not covered by an employer-sponsored plan but spouse is)
$204,000 – $214,000 (up from $198,000 – $208,000 in 2021)

Married, Filing Separately: $0 - $10,000 (unchanged from 2021; not subject to a COLA)

*If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “Single” filing status.

See the chart at IRS.gov.

 

Roth IRA MAGI Range Income Limits

Single Filer/Head of Household or Married Filing Separately*: $129,000 – $144,000 (up from $125,000 – $140,000 in 2021)

Married, Filing Jointly or Qualifying Widow(er): $204,000 – $214,000 (up from $198,000 – $208,000 in 2021)

Married, Filing Separately**: $0 - $10,000 (unchanged from 2021; not subject to a COLA)

*And you did not live with your spouse at any time during the year
**And lived with your spouse at any time during the year

See the chart at IRS.gov.

 

No Age-Based Limit on IRA Contributions or Roth Conversions

With the passing of the SECURE Act in late 2019 and effective January 1, 2020, there is no longer an age-based limit on making contributions to a Traditional IRA.

Contributions to a Roth IRA or SEP IRA are still permitted regardless of age as long as the individual making the contribution, or his or her spouse, received an equivalent amount of earned income during the tax year.

Conversions from a Traditional IRA to a Roth IRA are permitted regardless of age and regardless of the amount of earned income.

 

Contributions to 401(k), 403(b) & most 457 plans, as well as the Federal Government’s Thrift Savings Plan (TSP)

Standard limit: $20,500 (increased $1,000 from 2021)

Catch-up contributions (age 50 & older): $6,500 (unchanged from 2021)

Maximum contribution (age 50 & older): $27,000 

For details, visit IRS.gov.

 

Social Security and Supplemental Security Income (SSI) Cost-of-Living Adjustment (COLA)

The Social Security Act ties the annual COLA to the increase in the Consumer Price Index (CPI-W) as determined by the Department of Labor’s Bureau of Labor Statistics (BLS).

Effective January 1, 2022, Social Security benefits are set to increase by 5.9% for eligible beneficiaries, a 4.6% increase over 2021.

For details, visit SSA.gov.

 

Federal Pension COLA

Civil Service Retirement System (CSRS): 5.9% increase in 2022, a 4.6% increase over 2021.

Federal Employees Retirement System (FERS): 4.9% increase in 2022, a 3.6% increase over 2021.

For details on retirement related 2022 COLA adjustments, see “COLA Increases for Dollar Limitations on Benefits and Contributions” on IRS.gov.

 

Annual Gift Tax Exclusion Limits

$16,000 (up $1,000 from 2021) per individual

$32,000 (up from $30,000 in 2021) per married couple

The annual gift tax exclusion limit is per recipient and per the giver. Gift recipients do not owe any taxes on the gift.