IRS Limits Page
Every year, the IRS announces the latest contribution limits for retirement savings accounts (including 401(k), 403(b), certain 457(b) plans and IRA contributions), as well as Voya Health Account Solutions. For 2023, some limits have changed, while others remain the same. Please see an overview of the current limits listed below.
401(k), 403(b), certain 457(b) plans
Annual Deferral and Catch-up Contribution Limits
Age 49 and under
Age 50 and older catch-up*
Additional $7,500 Additional $6,500
403 (b) 15 years of service catch-up**
Up to an Additional $3,000 Up to an Additional $3,000
457 special election catch-up***
Up to an Additional $22,500 Up to an Additional $20,500
* Age 50 and older before year-end. If you participate in a 457(b) plan, the Age 50+ Catch-up is only available if the plan is sponsored by a governmental employer.
** The 15 years of service catch-up may apply to employees participating in a 403(b) tax deferred annuity who have had at least 15 years of service with an educational organization, hospital, home health agency, health and welfare service agency, church or convention or association of churches. The additional catch-up cannot exceed cumulatively $15,000 over the lifetime of the 403(b) participant. The additional catch-up requires a calculation to determine the available amount. If you are a 403(b) participant who is eligible for both the 15 Years of Catch-Up and the Age 50+ Catch-Up in the same year, the Internal Revenue Code requires that you first contribute the maximum permitted under that year's 15 Years of Service Catch-Up before contributing under the Age 50+ Catch-Up.
*** This special election catch-up applies to employees participating in an eligible governmental 457(b) deferred compensation that have elected the special catch-up available in the three years prior to the year of normal retirement age. If you are eligible for both the Age 50 and older catch-up and the special election catch-up under your 457(b) plan, IRS rules do not allow you to use both in the same calendar year. IRS rules permit you to use the catch-up that lets you contribute the greater amount.
SIMPLE plans
*Age 50 and older before year-end
Puerto Rico retirement plans
Annual Deferral & Catch-up Contribution Limits
2023 limits for Puerto Rico have not been announced yet. This section will be updated once those have been announced.
Plan qualified only in Puerto Rico
Plan dual-qualified only in Puerto Rico and U.S.**
Limit on after tax contributions: 10% of participant's maximum recognizable compensation for all years of participation in the retirement plan.
* Age 50 and older before year-end.
** Higher limits optional at plan sponsor's election.
415 annual limits
The total amount you and your employer can contribute to a 401(a), 401(k) or 403(b) plan
Defined Contribution Plan Annual Dollar Limit
Defined Benefit Plan Maximum Annual Benefit
* Defined Contribution Annual Additions Limit does not include any Age 50 and older catch-up made in that year.
Compensation limits for 401(a), 401(k), and 403(b) plans
Maximum individual compensation recognized for determining contributions
General limit for compensation
Special limit for compensation for governmental plan participants who first became participants in that governmental plan before the 1996 plan year
Compensation taken into account to determine SEP Eligibility
Highly compensated employee for 401(a), 401(k) and 403(b) plans
Check with your plan as the definition may vary based on plan design and employee population
Annual Compensation threshold of at least
Traditional and Roth IRA
Annual Contribution Limits
Up to $6,500 Up to $6,000
Age 50 and older*
Retirement Savings Contributions Credit (Saver's Credit)
You may qualify for a tax credit on your federal tax filing of up to $1,000 for the first $2,000 that you contribute to a qualified plan (reduced by any distribution from the plan during that year).
2023 Saver's Credit
The amount of the credit depends upon:
Your adjusted gross income (AGI) reported on form 1040/1040A
Income tax filing status — single, head of household or married filing jointly
The amount you contributed to your IRA or employer-sponsored retirement plan in that tax year
Calculate Your Credit
The credit phases out based on your federal income tax filing status and adjusted gross income (AGI).
Credit Rate
All Others Filers*
50% of your contribution
AGI not more than $43,500 AGI not more than $32,625 AGI not more than $21,750
$43,501 – $47,500 $32,626 – $35,625 $21,751 – $23,750
0% of your contribution
more than $73,000 more than $54,750 more than $36,500
Health Account Solutions
Health Savings Account (HSA) Annual Contribution Limits
To be eligible to contribute to a Health Savings Account, you must be enrolled in an eligible High-Deductible Health Plan (HDHP).
Self-only HSA
Family HSA
Flexible Spending Account (FSA) Annual Contribution Limits
Health FSA
Limited Purpose FSA
$2,500** $5,000*
$2,500**
* Married filing jointly or single filing as head of household
** Married filing separately
Commuter Benefits – Parking and Transit Accounts Monthly Limit on Expenses
Explanation of cost of living adjustments:
Annual deferral limit:
401(k)/403(b)/457 – The limit on elective deferrals (including Roth contributions) a participant may make during the calendar year.
SIMPLE Retirement Plans – The limit on elective deferrals a participant may make during the calendar year for the SIMPLE (Savings Incentive Match Plans for Employees of Small Employers) Retirement Plan.
Catch-up contributions:
At Age 50+ for 401(k), 403(b)* and 457* – Participants who have attained age 50 may make catch-up contributions (including Roth contributions) — after the elective deferral limit has been reached — up to the annual catch-up limit, if the plan permits.
Age 50+ SIMPLE Retirement Plan – If the plan permits, participants who have attained age 50 may make additional deferred contributions — after the elective deferral limit has been reached — up to the annual catch-up limit.
*A special additional catch-up limit applies for certain employees under 403(b) and 457 plans.
415 annual limits:
Defined Contribution plans – The total of all employer and employee contributions to the plan for the 12 month limitation year (as defined in the plan document) cannot exceed the lesser of $66,000 (as adjusted for inflation) or 100% of compensation.
Defined Benefit Plans – The maximum annual benefit a participant may receive is the lesser of $265,000 (as adjusted for inflation) or 100% of the participant's average compensation for his highest three years of earnings.
Compensation limit:
For determining general limit for compensation – This is the maximum compensation that may be considered when determining contributions for the plan year (as adjusted for inflation).
For determining special limit for compensation for governmental plan participants who first became participants in that governmental plan before the 1996 plan year – This is the maximum compensation that may be considered when determining contributions for the plan year (as adjusted for inflation).
For SEP eligibility – This is the minimum compensation taken into account when determining which employees are eligible for a simplified employee pension (SEP) plan (as adjusted for inflation).
Highly Compensated Employee (HCE) definition:
An HCE is any participant who owns 5% or more of the business at any time during the current or preceding year and/or any participant whose compensation in the preceding year is greater than the annual compensation limit (as adjusted for inflation). The current year's limit is used when considering a look-back to the prior year.
AGI for Saver's Tax Credit:
The highest adjusted gross income (AGI) an individual may have to be eligible for a tax credit on their federal tax filing, based on filing status.
Health Account Solutions:
Health Savings Account – An HSA is an employer-sponsored plan that can be used to pay for qualified medical expenses — now or in the future — when paired with a high-deductible health plan. HSAs are funded by pre-tax dollars deposited into an individual account by an employee or the employer, usually through payroll deduction.
Flexible Spending Account – An FSA is also an employer-sponsored savings and spending plan. Like an HSA, it is funded with pre-tax dollars via payroll deduction and is exempt from federal income taxes, Social Security (FICA) taxes and, in most cases, state income taxes. There are several types of FSAs. Before an employee enrolls in an FSA, they must first decide what type of FSA is needed and how much will be contributed. Any money left unspent in the FSA at the end of the year is forfeited.
IRS Circular 230 Disclosure
Any tax discussion contained in this communication was not intended or written to be used, and cannot be used by the recipient or any other person, for the purpose of avoiding any Internal Revenue Code penalties that may be imposed on such person. Any tax discussion contained in this communication was written to support the promotion or marketing of the transactions or matter discussed herein. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Neither Voya Financial® or its affiliated companies or representatives offer legal or tax advice. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision.
Log in to your employer's retirement savings plan to review or model the amount you currently contribute to the plan. If you are contributing less than the applicable IRS limit, consider increasing your contribution to your employer's retirement savings plan.
This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. Please consult an independent legal or financial professional for specific advice about your individual situation.
Neither Voya® nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax advisor or attorney before making a tax-related investment/insurance decision.
Voya Services Company. All rights reserved.
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