Retirement Plan Contribution Limits

• Traditional IRA and Roth IRA Contribution Limit: $6,000 (for age 50 and over: $7,000) subject to phase outs based on AGI

• 401(k) & 403(b) Elective Deferral: $20,500 (for age 50 and over: $27,000)

• 457 Plan Contribution: $20,500 (for age 50 and over: $27,000) separate from 401(k) & 403(b)

• SEP IRA & Employer Defined Contribution Limit: smaller of $61,000 or 25% of compensation

HSA Contribution Limits

Single Plan

• Age 54 & under: $3,650

• Age 55 & over: $4,650

Family Plan

• Age 54 & under: $7,300

• Age 55 & over: $8,300 (spouse may also contribute $1,000 to a separate HSA if 55 or older, for total of $9,300)

Already Enrolled in Medicare: may not contribute to HSA

Annual Gift Tax Exclusion:

$16,000 per donor per donee

Important Dates

• January 1:

  • Start of the tax year (calendar).

  • Start of General Enrolment for Medicare Part A and Part B.

  • Start of Open Enrollment Period for Medicare Advantage

• January 15: Q4 estimated payment deadline for prior year

• March 31: end of Medicare General Enrollment Period

• April 1: Required Beginning Date (in year after age 72 was reached) for RMDs

• April 15:

  • 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 15:

  • 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, 2023: Q4 estimated payment deadline