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Contribution Limits

Annual Dollar Limits

The table below shows the dollar limitations that affect qualified plans.

It is not intended as a substitute for specific individualized tax advice. It is recommended that clients consult with a qualified tax advisor before making a contribution.

Description 2022     2023
IRA $6,000     $6,500
IRA Catch-up (50 or older) $1,000     $1,000
401(k), 403(b) & 457 Deferrals $20,500     $22,500
401(k), 403(b) & 457 Catch-up $6,500     $7,500
SIMPLE Deferrals $14,000     $15,500
SIMPLE Catch-up $3,000     $3,500
Section 415 Limit $61,000     $66,000
Defined Benefit Limit $245,000     $265,000
Compensation Limit $305,000     $330,000
HCE Comp Limit $135,000     $150,000
Key Employee Officer $200,000     $215,000
   

IRS COLA Increases for Dollar Limitations on Benefits and Contributions