IRS Announces 2023 Retirement Plan Limits
IRS Announces 2023 Retirement Plan Limits Important Dates: The amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500. The Internal Revenue Service (IRS) has released Notice 2022-55, containing cost-of-living adjustments for 2023 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 2023 Increases The employee contribution […]
IRS 401(k) Limits for 2022
IRS 401(k) Limits for 2022 New IRS 401(k) Limits for 2022* The elective deferral limit for 401(k), 403(b) and 457(b) plans increases to $20,500 in 2022 ($19,500 in 2021). The limitation on catch up contributions for employees age 50 and over is $6,500 in 2022. *Source: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits
IRS 401(k) Limits for 2019*
New IRS 401(k) Limits for 2019* The elective deferral limit for 401(k), 403(b) and 457(b) plans increases to $19,000 in 2019 ($18,500 in 2018). The limitation on catch up contributions for employees age 50 and over remains at $6,000 in 2019. The maximum “annual addition” limit for a defined contribution plan increases to $56,000 in 2019 ($55,000 in 2018). The annual […]
