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Boost Your Retirement Savings

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2023 • December 8, 2023 12:23 PM
OVERVIEW

For most taxpayers, saving for retirement is the best way to lower your taxes and to build a sizable nest egg. TurboTax will help you take advantage of the tax deductions related to saving for your retirement.

 

Woman reading on the couch with her dog.

Would you walk away from money?

If you're among the 51 million Americans who participate in a company's 401(k) plan, you can contribute up to $22,500 in 2023. And if you are 50 or older, you can stash an extra $7,500 in catch-up contributions, for a total of $30,000. The 401(k) contribution limit increases in 2024 to $23,000 while the catch-up limit remains at $7,500.

Every dollar you contribute to the plan is not taxed up front. However, that money is still subject to the payroll tax for Social Security and Medicare.

If your combined federal and state income tax rate is 30%, for example:

  • You save $300 in taxes for every $1,000 you contribute to your 401(k).
  • So, that $1,000 contribution reduces your take-home pay by just $700.

Some employers match contributions you make to your 401(k) plan, up to certain limits.

  • If your company is one of them, make sure you contribute at least as much as needed to capture all matching funds. Otherwise, it's like walking away from free money.
  • Any employer match does not count toward the contribution limit cited above.

Similar tax-deferred retirement plans have identical annual contribution limits, such as:

  • 403(b) plans for teachers and employees of nonprofit organizations
  • 457 plans for state and local government employees
  • The federal government's Thrift Savings Plan

Your own boss

If you are self-employed, you can stash even more into a tax-deferred retirement account because you contribute as both an employee and an employer.

In 2023, with a solo 401(k) plan, available only to self-employed business owners with no employees (other than a spouse), you can contribute:

  • Up to $22,500 (plus another $7,500 if you are 50 or older) to your tax-deferred retirement account as an employee
  • Plus 25% of your compensation (if your business is incorporated)
  • Up to a maximum combined contribution of $66,000 in 2023 or $73,500 for those 50 or older

If your business is not incorporated, you can kick in 20% of your self-employment income (which is total business income minus half of your self-employment tax) up to the same limits.

In 2024, the maximum amount increases to $69,000 ($69,000 = $23,000 employee portion + $46,000 compensation-based portion) plus a $7,500 limit on catch-up contributions for those 50 and older.

Another retirement savings option is a SEP IRA, which is good for both self-employed people and those who have side jobs in addition to their regular careers.

Assuming you contribute the maximum to your 401(k) at your day job,

  • You cannot take advantage of the 2023 limit of $22,500 again with a solo 401(k).
  • You can open a SEP IRA for your small business or sideline business and save up to 20% of your self-employment income (or 25% of your compensation if your business is incorporated) up to $66,000 in 2023 ($69,000 in 2024).

Although no catch-up contributions are allowed, the SEP IRA offers one advantage over the solo 401(k): you can set one up at the last minute.

  • You have until you file your income taxes for the previous year to establish and fund your SEP IRA.
  • With a solo 401(k), you must establish your plan by December 31, but you have until the tax filing deadline, including extensions, to fund it.

If you have employees (other than your spouse) that would be eligible for your 401(k) plan, you aren't eligible for a

solo

401(k), but you do have other options. Consider a SIMPLE IRA, which stands for Savings Incentive Match Plan for Employees.

  • In 2023, you can save $15,500 of your self-employment income and your business can kick in another 3%.
  • People aged 50 and older can tack on an extra $3,500 in catch-up contribution for a total SIMPLE contribution of $19,000.
  • In 2024, these amounts increase to $16,000 with an additional $3,500 for those aged 50 and older.

On your own

You can also save for retirement on your own with an Individual Retirement Account (IRA). If you don't participate in a retirement plan at work, or even if you do and your income falls within eligibility limits, you can make tax deductible contributions of:

  • Up to $6,500 for 2023 or $7,000 for 2024 to a traditional IRA
  • Plus, an additional $1,000 in catch-up contributions if you are 50 or older

If you participate in a workplace-based retirement plan, you can still make tax-deductible contributions to an IRA if you are single and your income is less than $73,000 in 2023 or less than $77,000 in 2024.

  • If your income is between $73,000 and $83,000 in 2023 or between $77,000 and $87,000 in 2024, you can qualify for a partial deduction.
  • If you are married filing a joint return, the phase-out limit for deductible IRA contributions begins at $116,000 in 2023 or $123,000 in 2024 and the write-off disappears once your income tops $136,000 in 2023 and $136,000 in 2024.

If you don't participate in a retirement savings plan at work, but your spouse does, you can make tax-deductible contributions to an IRA if your adjusted gross income on your joint return is $218,000 or less in 2023 or $230,00 or less in 2024.

  • You can claim a partial deduction if your income is between $218,000 and $228,000 in 2023 and between $230,000 and $240,000 in 2024.
  • You can't deduct your IRA contribution once your income tops $228,000 in 2023 or tops $240,000 in 2024.

The Roth IRA option

While most retirement savings plans are based on up-front tax breaks, with the understanding that your withdrawals will be fully-taxable in retirement, the Roth IRA offers the opposite approach.

You get no initial tax break, but all future earnings and withdrawals are tax-free as long as:

  • Your account has been open at least five years
  • You are at least age 59½

Plus, since you contribute after-tax dollars, you are able to withdraw your contributions (but not your earnings) at any time, tax-free and penalty-free.

Roth IRAs are a great option for anyone interested in tax-free retirement income and are particularly good for young workers who could benefit from decades of tax-free growth. Roth IRAs are also good for anyone who expects to be in a higher tax bracket in retirement. There are, however, eligibility limits.

For 2023

Filing as Single or Head of Household:

  • You can contribute up to $6,500 to a Roth IRA, or up to $7,500 if you are 50 or older, only if your income is $138,000 or less.
  • You can make a partial contribution to a Roth IRA if your income is between $138,000 and $153,000.
  • Once your income tops $153,000, you are not eligible to contribute to a Roth IRA.

Married Filing Jointly:

  • $6,500 (or $7,500 if over 50) contributions can be made for each spouse, if income is under $218,000
  • The contribution amount is gradually phased out as income rises between $218,000 and $228,000

For 2024

Filing as Single or Head of Household:

  • You can contribute up to $7,000 to a Roth IRA, or up to $8,000 if you are 50 or older, only if your income is $146,000 or less.
  • You can make a partial contribution to a Roth IRA if your income is between $146,000 and $161,000.
  • Once your income tops $161,000, you are not eligible to contribute to a Roth IRA.

For married couples filing a joint return in 2024:

  • $7,000 (or $8,000 if over 50) contributions can be made for each spouse, if income is under $230,000
  • The contribution amount is gradually phased out as income rises between $230,000 and $240,000

For 2024, the contribution amount increases to $7,000 plus an additional $1,000 for those over 50. The ability to contribute phases out for those filing as Single with income from $146,000 to $161,000. The 2024 income limit for those filing as Married Filing Jointly phases out with income from $230,000 to $240,000.

If the idea of tax-free income in retirement appeals to you, and your income is too high to qualify, there's a backdoor entrance to the Roth IRA. You can convert a traditional IRA to a Roth IRA, regardless of your income. However, you will not receive a tax deduction for these contributions.

  • If these nondeductible contributions represent your only IRA money, then you will just owe taxes on the earnings when you convert to a Roth IRA.
  • If you have other IRA assets funded with deductible contributions, only a portion of the amount you convert will escape taxes, since all conversions must be done on a pro rata basis based on the total balance in all of your IRAs.
  • A more generous rule exists for after-tax contributions to a 401(k). You can roll over all after-tax contributions directly to a Roth IRA tax-free.

Employers are allowed (but not required) to offer a Roth option for their 401(k) plans. Like the Roth IRA, contributions to a Roth 401(k) are made with after-tax dollars and future withdrawals will be tax-free as long as you adhere to the rules.

If your employer offers a Roth option, consider seriously whether you would be better off foregoing the immediate gratification of a tax break today for the delayed gratification of tax-free income in retirement. You can choose to split your contributions between a traditional and a Roth 401(k) as long as your combined contributions do not exceed the annual limits.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back – Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee – Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2023 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2023 tax year and, for individual, non-business returns, for the past two tax years (2021, 2022). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee – Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we’ll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Tax Savings Guarantee – Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Desktop Business license purchase price you paid. Additional terms and limitations apply. See License Agreement for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt.

TURBOTAX DESKTOP

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees may apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connectivity.

  • Fastest Refund Possible: Fastest federal tax refund with e-file and direct deposit; tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: Sum of $3140 is the average refund American taxpayers received based upon IRS data date ending 02/17/23 and may not reflect actual refund amount received.

  • TurboTax Product Support: Customer service and product support hours and options vary by time of year.

  • #1 Best Selling Tax Software: Based on aggregated sales data for all tax year 2022 TurboTax products.

  • Deduct From Your Federal Refund: A $40 Refund Processing Service fee may apply to this payment method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2021 and higher) and QuickBooks Desktop (2021 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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