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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
    1. Over 50 “catch-up” contribution up $1,000 to $7,500
  • IRA contributions (traditional & Roth) increase $500 to $6,500
    1. Traditional IRA 
      • Phase out range for Single taxpayers:  $73,000-$83,000
      • Phase out range for Married filing jointly:  $116,000-$136,000
    2. 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:
    1. Married filing jointly:        $27,700
    2. 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.