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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