2023 Tax Numbers to Know
Retirement Plan Contribution Limits
Traditional IRA and Roth IRA Contribution Limit: $6,500 (for age 50 and over: $7,500) subject to phase outs based on AGI
401(k) & 403(b) Elective Deferral: $22,500 (for age 50 and over: $30,000)
457 Plan Contribution: $22,500 (for age 50 and over: $30,000) separate from 401(k) & 403(b)
SEP IRA & Employer Defined Contribution Limit: smaller of $66,000 or 25% of compensation
HSA Contribution Limits
Single Plan
Age 54 & under: $3,850
Age 55 & over: $4,850
Family Plan
Age 54 & under: $7,750
Age 55 & over: $8,750 (spouse may also contribute $1,000 to a separate HSA if 55 or older, for total of $9,300)
Already Enrolled in Medicare?
You can no longer contribute to an HSA
Annual Gift Tax Exclusion:
$17,000 per donor per donee
Important Dates
January 1:
Start of the tax year (calendar).
Start of Open Enrollment Period for Medicare Advantage
January 16: Q4 estimated payment deadline for prior year
April 3: Required Beginning Date (in year after age 72 was reached) for RMDs
April 18:
Income tax return (Form 1040) filing and payment due
Gift tax return (Form 709)
Request for automatic six-month extension (Form 4868)
Q1 estimated payment deadline
Deadline to contribute to IRA or HSA for prior tax year.
June 15: Q2 estimated payment deadline
June 30: deadline to file FAFSA for prior academic year
September 15: Q3 estimated payment deadline
October 1: first day to file FAFSA for upcoming academic year
October 16:
Extended income tax return (Form 1040) and gift tax return (Form 709) filing deadline.
Deadline for SEP IRA Employer contribution for prior tax year (if filing extended)
Beginning of Open Enrollment Period for existing Medicare enrollees
November 1: Start of Open Enrollment Period for Health Insurance Marketplace
December 7: End of Open Enrollment Period for existing Medicare Enrollees
December 15: End of Open Enrollment Period for Health Insurance Marketplace
December 31:
Deadline for satisfying RMDs for current year
Deadline for completing gifts and charitable contributions
End of tax year (calendar)
January 15, 2024: Q4 estimated payment deadline
