2023 Tax Numbers to Know

December 26, 2022 Colin Page, CFP®

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

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)

You can no longer contribute to an HSA

$17,000 per donor per donee

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