2023 RETIREMENT PLANNING CHEAT SHEET

RETIREMENT PLAN LIMITS 2023 Federal Income Tax Brackets

FUNDING For Single For Married For Heads of

RETIREMENT ACCOUNT TYPE 2023 Rate Individuals Filing
DEADLINE Filers Households
Joint Returns
Traditional IRA AND Roth IRA
10% Up to $11,000 Up to $22,000 Up to $15,700
Maximum Contribution $6,500 04/15/2024
12% $11,001 to $22,001 to $89,450 $15,701 to
Catch Up Contribution (Age 50+) $1,000
$44,725 $59,850
SIMPLE IRA Plans 22% $44,726 to $89,451 to $190,750 $59,851 to

SIMPLE Contribution Limit $15,500 12/31/2023 $95,375 $95,350

Catch Up Contribution (Age 50+) $3,500 24% $95,376 to $190,751 to $364,200 $95,351 to
$182,100
$182,100
401(k), 403(b), 457
32% $182,101 to $364,201 to $462,500 $182,101 to
Elective Deferral Limit $22,500 12/31/2023 $231,250
$231,250
Catch Up Contribution (Age 50+) $7,500
35% $231,251 to $462,501 to $693,750 $231,251 to
SEP IRA $578,125 $578,100

Maximum Contribution $66,000 04/15/2024 37% $578,126 or more $693,751 or more $578,101 or more

Modified Adjusted Gross Income ( MAGI) phase-out ranges for traditional IRA deduction when one taxpayer is covered by a retirement plan at work

Filing Status 2023 Limit

Single or head of household $73,000 - $83,000

Married filing jointly (individual making contribution IS covered by workplace retirement plan) $116,000 - $136,000

Married filing jointly (individual making contribution IS NOT covered by workplace retirement plan, but spouse is) $218,000 - $228,000

MAGI phase-out ranges for Roth IRA annual contributions

Filing Status 2023 Limit

Single or head of household $138,000 - $153,000

Married filing jointly $218,000 - $228,000

REQUIRED MINIMUM DISTRIBUTIONS (RMD) 2023 Capital Gains Tax Rate Thresholds
(a) Required for the year you turn 72 Capital Taxable Income Taxable Income Taxable Income Taxable Income
Gains (Single) (Married Filing (Head of (Married Filing
(b) Based upon prior year 12/31 account balance Tax Rate Separate) Household) Jointly)
(c) First RMD can be deferred until 4/1 of the following year
0% Up to $44,625 Up to $44,625 Up to $59,750 Up to $89,254
(d) Utilize IRS life expenctancy tables

(e) Multiple IRA RMDs can be taken from one IRA 15% $41,625 to $44,625 to $59,750 to $89,250 to
$492,300 $276,900 $523,050 $553,850
(f) Multiple 401(k) accounts require an RMD from each
20% Over $492,300 Over $276,900 Over $523,050 Over $553,850
(g) Roth IRAs NOT subject RMDs

2023 Medicare Premiums

2021 MAGI Single 2021 MAGI Joint Part B Premium Part D

$97,000 or less $194,000 or less $164.90 Your plan premium

More than $97,000 up to $123,000 More than $194,000 up to $246,000 $230.80 $12.20 + your plan premium

More than $123,000 up to $153,000 More than $246,000 up to $306,000 $329.70 $31.50 + your plan premium

More than $153,000 up to $183,000 More than $306,000 up to $366,000 $428.60 $50.70 + your plan premium

More than $183,000 up to $500,000 More than $366,000 up to $750,000 $527.50 $70.00 + your plan premium
$500,000 or more $750,000 or more $560.50 $76.40 + your plan premium

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