The Internal Revenue Service has released new limits for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels.
Individual Retirement Accounts (IRAs)
Workplace Retirement Accounts
Keep in mind that we provide updates for informational purposes only, so please consult with your tax professional before making any changes in anticipation of the new 2023 levels. You can also contact our offices, and we can provide you with information about the pending changes.
Using The IRS2Go App
Did you know that the IRS has an app that makes it easy to check some things off your tax to-do list? Using the app, you can:
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov
A sudden noise startles a gopher, an owl, and a skunk at the edge of a forest. The owl flies off and the gopher retreats into his burrow, but the skunk runs for the trees. How far can that skunk run into the forest?
Last month's riddle: Gerald Ford was our 38th President, but he was actually the 37th man to take the job. Why was that? Riddle answer: Grover Cleveland was both the 22nd and 24th President of the U.S.; he served two non-consecutive terms.
NOVEMBER 2022 Newsletter: New Retirement Contribution Limits for 2023
November 10, 2022