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     2021
IRA $6,000     $6,000
IRA Catch-up (50 or older) $1,000     $1,000
401(k), 403(b) & 457 Deferrals $20,500     $19,500
401(k), 403(b) & 457 Catch-up $6,500     $6,500
SIMPLE Deferrals $14,000     $13,500
SIMPLE Catch-up $3,000     $3,000
Section 415 Limit $61,000     $58,000
Defined Benefit Limit $245,000     $230,000
Compensation Limit $305,000     $290,000
HCE Comp Limit $135,000     $130,000
Key Employee Officer $200,000     $185,000
         

IRS COLA Increases for Dollar Limitations on Benefits and Contributions