Money Talks

Happy New Year! Welcome to 2023. We’ll talk today about information you might need for this new year. We learn about new tax amounts; ways to save money, ways to get back lost money, and ways to win money. Our experts take questions concerning personal finance.

2023

$66,000 - Defined contribution plan (401k, 403b) total limit per participant 

$66,000 - SEP IRA contribution limit 

$22,500 - 401k, 403b, 457 contribution limit (Salary deferrals)

$7,500 - 401k, 403b, 457 catch up

$6,500 - IRA contribution limit

$1,000 - IRA catch up 

$15,500 - SIMPLE IRA contribution limit

$3,500 - SIMPLE IRA catch up

$27,700 - Standard deduction (MFJ)

$20,800 - Standard deduction (Head of Household)

$13,850 - Standard deduction (Single, MFS)

$44,625 - Taxable income limit for 0% long-term capital gains (single)

$89,250 - Taxable income limit for 0% long-term capital gains (MFJ)

$17,000 - Gift tax exclusion 

$Unlimited - Brokerage account contribution limit

$160,200 - Social security wage base (No longer pay social security tax after this)

The amount of your taxable Social Security benefits depends on your combined income or the sum of:

1. 50% of all your Social Security benefits for the year
2. The adjusted gross income (AGI), which is your total income minus adjustments to that income, such as deductions and exclusions
3. Tax-exempt interest income, such as interest received on municipal bonds

Unearned / Earned income

Strategies for minimizing taxes

Registration is now open for the 10th Annual College Savings Mississippi Art Contest. The contest will run from January 1 through February 28. Students from across Mississippi will be competing for over $3,000 in Mississippi Affordable College Savings (MACS) scholarships by submitting an original piece of art based on the theme, “What do you want to be when you grow up?” https://treasury.ms.gov/artcontest/

The weather and other operational delays and cancelations that occurred at the end of December and the beginning of January show the importance of knowing your rights and keeping receipts. Southwest airlines has a website where you can make claims due to flight cancellations. We’ll have a link to their website and also the US Department of Transportation’s website where you can learn more about your customer rights.

https://www.southwest.com/traveldisruption/ 

https://www.transportation.gov/airconsumer/airline-customer-service-dashboard  

The United States Postal Service filed notice of Mailing Services price changes to take effect January 22, 2023. The new rates include a three-cent increase in the price of a First-Class Mail® Forever stamp from 60 cents to 63 cents. https://faq.usps.com/s/article/2023-Postage-Price-Changes