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The annual limits are: salary deferrals - $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021 and $19,000 in 2019), plus $7,500 in 2023; $6,500 in 2020, 2021 and 2022 ($6,000 in 2015 - 2019) if the employee is age 50 or older) (IRC Sections 402 (g) and 414 (v))
A handy chart showing 2022 benefit plan limits and thresholds: 401(k) plans, health savings accounts, health and dependent care flexible spending accounts, transit benefits and more.
Highlights of changes for 2022. The contribution limit for employees who participate in 401 (k), 403 (b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $20,500, up from $19,500.
Share. i Reuse Permissions. Employee 401 (k) contributions for 2022 will top off at $20,500 —a $1,000 increase from the $19,500 cap for 2021 and 2020—the IRS announced on Nov. 4. Plan...
The maximum contribution taxpayers can make to 401 (k) plans in 2022 is $20,500. For taxpayers 50 and older, an additional $6,500 catch-up amount brings the total to $27,000. The $20,500 limit...
The limit on employee elective deferrals to a SIMPLE 401 (k) plan is: $16,000 ($15,500 in 2023, $14,000 in 2022, $13,500 in 2021 and 2020; and $13,000 in 2019) This amount may be increased in future years for cost-of-living PDF adjustments.
The employee contribution limit for 401 (k) plans is increasing to $20,500 in 2022, up from $19,500, and catch-up deposits for savers 50 and older will still be $6,500. The new amounts also...
The 401 (k) contribution limits for 2022 are $20,500 for individuals under 50, and $27,000 for those 50 and older. The 2023 limits are $22,500 for taxpayers under 50 and $30,00 for those aged 50+.
401(k) income limits. For 2024, the IRS limits the amount of compensation eligible for 401(k) contributions to $345,000. That's an increase from the 2023 limit of $330,000.
401k and Retirement Plan Limits for the Tax Year 2022. On November 4, 2021, the Internal Revenue Service announced that employees in 401k plans will be able to contribute up to $20,500 next year. The IRS announced this and other changes in Notice 2021-61.