Tax Corner
January 24, 2023 / Tax Related
2022 had its array of tax changes, and 2023 will be no exception. Below is a short list of these changes for 2023.
Retirement plan contribution limits • 401(k) – increased to $22,500 + $7,500 for age 50+ • Simple IRA – increased to $15,500+ $3,500 for age 50+ • Roth IRA – increased to $6,500+ $1,000 for age 50+
Annual gift exclusion • Increased to $17,000 per recipient (up from 2022)
Lifetime estate/gift exemption • Federal – increased to $12.92 million
RMD age • Increased to age 73, raises to 75 in 2032
Capital gains rates • 0%/15%/20% depending on your taxable income
Child tax credit • $2,000 per child
Tax filing deadline will be April 18th, 2023.
