Money Talks: 2023 SS/Medicare/Tax/Contribution adjustments
- Social Security Cost of Living Adjustment (COLA): 8.7%
- Medicare Part B premium REDUCED $5.20 to $164.90/mo.
- 401(k)/403(b) contribution limits increased $2,000 to $22,500
- Over 50 “catch-up” contribution up $1,000 to $7,500
- IRA contributions (traditional & Roth) increase $500 to $6,500
- Traditional IRA
- Phase out range for Single taxpayers: $73,000-$83,000
- Phase out range for Married filing jointly: $116,000-$136,000
- Roth IRA
- Phase out range for Single taxpayers: $138,000-$153,000
- Phase out range for Married filing jointly: $218,000-$228,000
- Standard deduction for Federal taxes:
- Married filing jointly: $27,700
- Single: $13,850
Nothing provided on this site constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments.