Important Plan Limits
IRS Announces Plan Limits for 2022
On November 4, 2022, the Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2022. We have presented a few of the more important plan limits below. For more information, please contact us at 1-800-594-7700.
|
Description
|
2021 |
2022 |
|
|
|
20,500 |
| 401(k) Catch-Up Deferrals (Age 50+) |
|
6,500 |
6,500 |
|
|
|
14,000 |
| SIMPLE Catch-Up Deferrals (Age 50+) |
|
3,000 |
3,000 |
| DC Plan Contribution Limit (Section 415) |
|
|
61,000 |
|
|
|
305,000 |
|
|
|
135,000 |
|
|
|
147,000 |
