2022 & 2023 Max IRA Contribution Limits

2022 & 2023 Max IRA Contribution Limits

The IRS releases new requirements and limits for Individual Retirement Account (IRA) contributions every year. Getting all the facts today can save you from potentially costly investment mistakes. Please keep reading to learn more about 2023 IRA contribution limits and how they differ from 2022.


IRAs can be vital tools in your retirement investment strategy, and they allow you to increase the amount of money you sock away each year beyond the scope of your employer-sponsored 401k plan – to a certain degree.

You will need to pay attention to IRS contribution, age, and income limits for IRAs to avoid making a mistake that could cost you additional taxes for each year an excess contribution remains in your retirement account.


The standard limit for IRA contributions increased by $500 in 2023 to $6,500 for maximum contributions to Roth and traditional IRAs and a total of $7,500 for those 50 years of age or older who wish to make "catch up" contributions.

Employer-sponsored SEP IRAs are allowed to contribute 25 percent of the employee's income or $66,000, whichever amount is the lower of the two.

Additionally, you can contribute up to your income for the year toward your IRA, but not beyond. That means that if you earn only $5,600 in 2023, you cannot save the $6,500 maximum contribution that would otherwise be an option. Also, if you have both a traditional and a Roth IRA account, the contribution limit applies to both accounts, meaning your combined contributions cannot exceed the $6,500 limit.

However, there are income limits for IRA contributions to consider as well. Knowing these can help you determine the best investment method for your retirement in 2023.


How much money you make affects the maximum amount you can contribute to a Roth IRA. For example, you can contribute the total amount if your income is less than $138,000 in 2023 and you're a single filer. If your income is more than $138,000, but less than $153,000, you can contribute a reduced amount to a Roth.

For 2023, the income ranges based on filing status are as follows:

  • For single individuals and Heads of Households, the phaseout begins at $138,000 and ends at $153,000.
  • For married couples filing jointly, the phaseout begins at $218,000 and ends at $228,000.
  • For married couples filing separately, the phaseout begins at $0 and ends at $10,000.


You can deduct your Traditional IRA contributions when you file your taxes. You can always contribute the total amount, but if your spouse contributes to a 401(k) or other retirement plans at work, your deductions may be limited.

No matter your income, your deduction is allowed in full if neither you nor your spouse is covered by a retirement plan.

Here are the income ranges for 2023:

  • For single individuals with workplace retirement plans, the phaseout begins at $73,000 and ends at $83,000.
  • For married couples filing jointly where both are covered by workplace plans, the phaseout begins at $116,000 and ends at $136,000.
  • For married couples filing jointly where your spouse is covered by workplace plans, the phaseout begins at $218,000 and ends at $228,000.
  • For married couples filing separately, the phaseout begins at $0 - $10,000.

Traditional IRA income limits differ for those with workplace retirement plans, whereas there is no distinction between keeping Roth IRA contributions in mind.


Consider seven different types of IRAs for your retirement savings. Depending on your retirement goals or current employment situation, some types of IRAs may be better for you than others.
They include:

  • Traditional IRAs
  • Roth IRAs
  • SEP (Simplified Employee Pension) IRAs. These IRA accounts are completely employer-funded.
  • Nondeductible IRAs
  • Spousal IRAs
  • Simple IRAs
  • Self-Directed IRAs

While Roth and traditional IRAsare the most commonly used retirement accounts, they are not the only available options. Once you have all the facts and figures, one of the other types of IRAs might be a more attractive option.

Ultimately, IRAs offer an additional opportunity to earn more income to support the retirement lifestyle you'd like to lead. Ensure you stay within the IRS requirements and limitations to save for your golden years. Maximize your IRA investment by investing the contribution limit into your account each year.

Individuals can review the November 21, 2022 announcement issued by the IRS for additional information.

For more on your IRA options, visit our financial advice page.

Published March 2023

Information presented in the Financial Advice website is provided for educational purposes only and is not related to Ameris Bank's actual products or services. Ameris Bank makes no representations as to the accuracy, completeness or specific suitability of any information presented. Information provided should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. Ameris Bank recommends you consult a professional for any specific guidance you are seeking.