Roth 401k contributions are made with after-tax dollars, meaning you don’t get an immediate tax break. However, unlike traditional 401k contributions, earnings in a Roth 401k grow tax-free and can be withdrawn tax-free in retirement. The contribution limits for Roth 401ks are the same as for traditional 401ks. In 2023, the limit is $22,500 ($30,000 if you’re 50 or older). If your employer offers a match, the match will be made with pre-tax dollars. However, the match will still be subject to the overall contribution limit.
Annual Contribution Limits
The maximum amount you can contribute to a Roth 401(k) plan in 2023 is $22,500. This limit is the same for both traditional and Roth 401(k) plans.
In addition to the regular contribution limit, you can make catch-up contributions if you’re age 50 or older. The catch-up contribution limit for 2023 is $7,500.
Table of Contribution Limits
| Age | Regular Contribution Limit | Catch-Up Contribution Limit | Total Contribution Limit |
|---|---|---|---|
| Under 50 | $22,500 | $0 | $22,500 |
| 50 or older | $22,500 | $7,500 | $30,000 |
Note: The contribution limits for Roth 401(k) plans are subject to change each year. Be sure to check with your plan administrator to confirm the current limits.
Income Eligibility Requirements
To contribute to a Roth 401(k), you must meet certain income requirements. These requirements are based on your modified adjusted gross income (MAGI). For 2023, the MAGI limits are as follows:
- Single: $138,000 (phased out between $138,000 and $153,000)
- Married filing jointly: $218,000 (phased out between $218,000 and $228,000)
- Married filing separately: $0 (if living with spouse at any time during the year)
- Head of household: $204,000 (phased out between $204,000 and $214,000)
You cannot contribute to a Roth 401(k) if your MAGI exceeds the applicable limit for your filing status.
If your MAGI is within the phase-out range, you can only contribute a reduced amount to your Roth 401(k). The reduced amount is calculated using a formula set by the IRS.
| Filing Status | 2023 Limit |
|---|---|
| Single | $22,500 |
| Married filing jointly | $22,500 |
| Married filing separately | $0 (if living with spouse at any time during the year) |
| Head of household | $22,500 |
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Roth 401k Contribution Limits
Roth 401k plans offer tax-free growth and tax-free withdrawals in retirement. However, contributions to Roth 401k plans are subject to annual limits set by the IRS.
For 2023, the annual contribution limit for Roth 401k plans is $22,500. This limit applies to all employees, regardless of age or income.
In addition, older workers may be eligible to make catch-up contributions of up to $7,500 per year. Catch-up contributions can be made by employees who are age 50 or older by the end of the calendar year.
Catch-up Contributions for Older Workers
Catch-up contributions are designed to help older workers save more for retirement. The IRS allows catch-up contributions to be made to both traditional 401k plans and Roth 401k plans.
- To be eligible for catch-up contributions, you must be age 50 or older by the end of the calendar year.
- The catch-up contribution limit for 2023 is $7,500.
- Catch-up contributions are made in addition to the regular annual contribution limit.
- Catch-up contributions are limited to the amount of earned income that you have for the year.
- Catch-up contributions are not available for all 401k plans. You should check with your plan administrator to see if your plan allows catch-up contributions.
The table below summarizes the Roth 401k contribution limits for 2023:
| Age | Regular Contribution Limit | Catch-up Contribution Limit | Total Contribution Limit |
|---|---|---|---|
| Under 50 | $22,500 | $0 | $22,500 |
| 50 or older | $22,500 | $7,500 | $30,000 |
Well, folks, that’s all there is to it! Now you know everything you need to about contributing to a Roth 401k. So, if you’re looking to save for a comfortable retirement, don’t forget to take advantage of this fantastic tax-advantaged account. And remember, whether you’re just starting out or you’re nearing retirement, it’s never too late to start planning for your financial future. Thanks for reading, and be sure to come back for more personal finance insights soon!