Tax-Advantaged Account Maximums

Tax-Advantaged Account Maximums 2022

401(k), 403(b), 457 - $20,500 employee contribution and $61,000 total max

401(k), 403(b), 457 Catch-Up Age 50+ - $6,500

Health Savings Account - $3,650 individual, $7,300 family

Health Savings Account Catchup Age 50+ - $1,000

IRA - $6,000

IRA Catch-Up Age 50+ - $1,000

SEP IRA, Solo 401(k) - $61,000

 

Tax-Advantaged Account Maximums 2023

401(k), 403(b), 457 - $22,500 employee contribution and $66,000 total max

401(k), 403(b), 457 Catch-Up Age 50+ - $7,500

Health Savings Account - $3,850 individual, $7,750 family

Health Savings Account Catchup Age 50+ - $1,000

IRA - $6,500

IRA Catch-Up Age 50+ - $1,000

SEP IRA, Solo 401(k) - $66,000

Food For Thought

  1. Take advantage of any match offered by your employer. W2 employees, I’m talking about you. This is a 100% return on your money, plus you defer taxes off the top tax bracket of your income. Make sure you are getting the full max.

  2. Health Savings Accounts (HSA) use pretax money, grow tax free, and are used tax free. This is the one vehicle where you NEVER pay taxes on the money. Can be used for most medical expenses except premiums. This is a great place to put money after you meet your employer match above.

  3. Roth IRAs (post tax) accounts are great, but many CRNAs do not qualify based on income. If you meet the requirements, after-tax investments are great.

  4. 1099 CRNAs have the advantage of being able to put away more pretax dollars. There are not catch-up contributions, but rather contributions from the employee and employER side.

  5. Taxes are your biggest expense and employer funded retirement is out. Use tax-advantaged accounts when possible. Remember that the pretax dollars come off the top income bracket, so that really reduces the tax burden.

  6. The IRS allows donations at any time if you feel so inclined.