2023 IRA contribution limits: $6,500 under 50, $7,500 with catch-up
2023 broke the four-year streak at $6,000. Inflation pushed the base up $500 to $6,500 and the catch-up climbed in step to $7,500. The bigger story was SECURE 2.0, which had been signed five days before the calendar turned. Its effective-2023 provisions reshaped the IRA landscape: RMDs starting at 73 instead of 72, Roth contributions allowed inside SEP-IRA and SIMPLE IRA plans, and the start of a transition toward Roth-default retirement saving.
2023 limits at a glance
$6,500
+$500 from 2022 (first bump since 2019)
$7,500
$6,500 base + $1,000 catch-up
15 April 2024
final 2023 prior-year contribution date
Source: IRS Notice 2022-55, the 2023 cost-of-living adjustments under IRC §415(d).
2023 Roth IRA income phase-outs
| Filing status | Full contribution if MAGI below | Phase-out range | No contribution above |
|---|---|---|---|
| Single / Head of household | $138,000 | $138K to $153K | $153,000 |
| Married filing jointly | $218,000 | $218K to $228K | $228,000 |
| Married filing separately | $0 | $0 to $10K | $10,000 |
Phase-out floors jumped about $9,000 (single) and $14,000 (MFJ) from 2022. These were the largest year-on-year inflation adjustments in IRA history, reflecting the August 2022 CPI annual print of 8.3%.
SECURE 2.0 provisions that took effect 1 January 2023
§107 RMD age moves to 73. Required Minimum Distributions from Traditional IRAs and pre-tax 401(k) accounts now begin at age 73 instead of age 72 for anyone born in 1951 or later. Anyone who turned 72 in 2022 was still under the old age 72 rule and had to take their first RMD by 1 April 2023. Anyone who turned 72 in 2023 under the new rule had an extra year to plan. RMD age will move again to 75 in 2033 under the same provision.
§601 SEP-IRA and SIMPLE IRA Roth contributions permitted. Self-employed owners with SEP-IRA plans and small employers using SIMPLE IRA plans gained the legal authority to designate contributions as Roth. Before 2023 SEP-IRA contributions were always pre-tax (Traditional). After 2023 they could be Roth, taxed in the year of contribution, withdrawn tax-free at retirement. Custodian implementation lagged substantially: Fidelity did not launch Roth SEP until early 2024 and many smaller custodians waited until late 2024. The legal authority existed from January 2023, the operational reality arrived months or years later.
§325 RMDs eliminated from Roth 401(k) (effective 2024). Designated Roth balances in 401(k) and 403(b) plans no longer triggered RMDs starting in 2024. This was a 2023 change in legislative text with 2024 effective date and resolved a long-standing inconsistency where Roth IRA had no RMDs but Roth 401(k) did.
See SECURE 2.0 Act of 2022 for the full text.
The §603 high-earner Roth catch-up confusion
Section 603 of SECURE 2.0 originally required that catch-up contributions for workers with prior-year FICA wages above $145,000 be made on a Roth basis starting in 2024. The provision applied to 401(k), 403(b), and 457(b) catch-up contributions, not IRA catch-ups. It also contained a drafting error that arguably eliminated all catch-up contributions for everyone if implemented as written, which is not what Congress intended.
In August 2023 the IRS published Notice 2023-62, deferring the §603 high-earner Roth catch-up requirement until 1 January 2026. Workers who would otherwise have been forced into Roth catch-ups starting 2024 got two extra years to keep using pre-tax catch-ups. For 2023, §603 was theoretically law but had no practical effect because it would not bite until the original 2024 effective date, which was then pushed.
What changed from 2022
- Base limit up $500 to $6,500 (first increase since 2019), catch-up unchanged at $1,000 for total $7,500.
- Roth phase-outs jumped: single from $129K-$144K to $138K-$153K, MFJ from $204K-$214K to $218K-$228K.
- Traditional deduction phase-out for active participants in workplace plans: single $73K-$83K (vs $68K-$78K), MFJ $116K-$136K (vs $109K-$129K).
- RMD age changed from 72 to 73 (SECURE 2.0 §107).
- Roth contributions permitted in SEP-IRA and SIMPLE IRA plans (SECURE 2.0 §601), subject to custodian readiness.
- Workplace plan catch-up Roth requirement deferred from 2024 to 2026 (IRS Notice 2023-62).
- SIMPLE IRA limit rose to $15,500 with $3,500 catch-up.
- SEP-IRA limit rose to lesser of 25% of compensation or $66,000.
FAQ
What were the 2023 IRA contribution limits?
$6,500 if under 50, $7,500 with the $1,000 catch-up if 50 or older. First base bump since 2019.
What was the 2023 RMD age?
73 for anyone born 1951 or later (SECURE 2.0 §107). Anyone who turned 72 in 2022 was already under the old age 72 rule and had to take a first RMD by 1 April 2023.
Could the self-employed make Roth SEP-IRA contributions in 2023?
Legally yes (SECURE 2.0 §601 effective 1 January 2023). Operationally most custodians did not have Roth SEP capability until 2024 or later. Check with your specific custodian.
What were the 2023 Roth IRA income phase-outs?
Single $138K to $153K, married filing jointly $218K to $228K, married filing separately $0 to $10K.
Did 2023 contribution deadlines get an extension?
Federal deadline was 15 April 2024 in most states. Disaster-relief extensions existed for several FEMA-declared areas (California winter storms, Mississippi storms, Hurricane Idalia). Confirm with IRS disaster announcements for your state if relevant.
When did §603 high-earner Roth catch-up take effect?
Originally scheduled 1 January 2024. Deferred to 1 January 2026 by IRS Notice 2023-62. For 2023, the provision had no practical effect.
Not financial, tax, or legal advice. Figures sourced from IRS Notice 2022-55, the SECURE 2.0 Act of 2022 §107, §325, §601, §603, and IRS Notice 2023-62 (catch-up Roth deferral). Tax laws change. Consult a fiduciary financial advisor, CPA, or qualified retirement planner. The 2023 tax year is closed.