The IRS issued Notice 2022-55 announcing the 2023 cost-of-living adjustments (COLAs) applicable to dollar limitations for employer-sponsored retirement plans, including individual retirement arrangements (IRAs). The annual contribution limit was increased to $6,500 or $7,500 for those eligible for catch-up contributions. The contribution limit for SIMPLE plans was increased from $14,000 to $15,500. The income limits associated with Traditional IRA deductibility, Roth eligibility, and the tax savers credit have also increased.
To read Notice 2022-55, please visit this link.