Menu
Resources
2022
2023
2022
MAXIMUM IRA CONTRIBUTION
-
2022 $6,000
-
Age 50 or older $7,000
401K AND 403B CONTRIBUTION
-
2022 $20,500
-
Age 50 or older $27,000
SIMPLE PLANS
-
2022 $14,000
-
Age 50 or older $17,000
DEFINED CONTRIBUTION PLAN
-
Annual Total $61,000
SEP PLAN CONTRIBUTIONS
-
25% of compensation $305,000
-
Maximum contribution $61,000
FICA WAGE BASE
-
Social Security $147,000
-
Medicare no limit
ARIZONA TAX CREDIT DONATIONS
Qualifying Charitable Organizations:
-
Married Joint: $800
-
All Others: $400
Qualified Foster Care Credit:
-
Married Joint: $1,000
-
All Others: $500
Public & Charter Schools
-
Married Joint: $400
-
All Others: $200
School Tuition Organizations:
-
Married Joint: $2,483
-
All Others: $1,243
DEDUCTION LIMIT FOR LONG TERM CARE INSURANCE
-
Age 40 or less $450
-
Age 41-50 $850
-
Age 51-60 $1,690
-
Age 61-70 $4,520
-
Age 71 and older $5,640
STANDARD MILEAGE RATES
-
Business (Jan 1 – June 20, 2022): .585/mi
-
Business (beginning July 1, 2022 ): .625/mi
-
Medical or Moving: .18/mi
-
Charitable: .14/mi
HSA CONTRIBUTIONS
-
2022 amounts Self Only/Family Coverage
-
Contribution Limit $3,650/$7,300
-
Age 55 & Over Additional Catch Up $1,000/ –
-
Plan minimum deductible $1,400/$2,800
-
Plan out-of-pocket limit $7,050/$14,000
AGI LIMITS FOR ROTH IRA CONTRIBUTIONS
-
Single, Head of Household $129,000 – $144,000
-
Married Filing Joint or Qualifying Widow $204,000 – $214,000
-
Married Filing Separate $0 – $10,000
2023
MAXIMUM IRA CONTRIBUTION
-
2023 $6,500
-
Age 50 or older $7,500
401K AND 403B CONTRIBUTION
-
2023 $22,500
-
Age 50 or older $30,000
SIMPLE PLANS
-
2023 $15,500
-
Age 50 or older $19,000
DEFINED CONTRIBUTION PLAN
-
Annual Total $66,000
SEP PLAN CONTRIBUTIONS
-
25% of compensation $330,000
-
Maximum contribution $66,000
FICA WAGE BASE
-
Social Security $160,200
-
Medicare no limit
ARIZONA TAX CREDIT DONATIONS
Qualifying Charitable Organizations:
-
Married Joint: $841
-
All Others: $421
Qualified Foster Care Credit:
-
Married Joint: $1,051
-
All Others: $526
Public & Charter Schools
-
Married Joint: $400
-
All Others: $200
School Tuition Organizations:
-
Married Joint: $2,609
-
All Others: $1,307
DEDUCTION LIMIT FOR LONG TERM CARE INSURANCE
-
Age 40 or less $480
-
Age 41-50 $890
-
Age 51-60 $1,790
-
Age 61-70 $4,770
-
Age 71 and older $5,960
STANDARD MILEAGE RATES
-
Business: .655/mi
-
Medical or Moving: .22/mi
-
Charitable: .14/mi
HSA CONTRIBUTIONS
-
2023 amounts Self Only/Family Coverage
-
Contribution Limit $3,850/$7,750
-
Age 55 & Over Additional Catch Up $1,000/ –
-
Plan minimum deductible $1,500/$3,000
-
Plan out-of-pocket limit $7,500/$15,000
AGI LIMITS FOR ROTH IRA CONTRIBUTIONS
-
Single, Head of Household $138,000 – $153,000
-
Married Filing Joint or Qualifying Widow $218,000 – $228,000
-
Married Filing Separate $0 – $10,000