IRS announces contribution adjustments
Recently, the IRS has increased the amount individuals can contribute to their 401(k) plans to $22,500, up from $20,500 for 2022.
The increase is for next year with the contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, and the federal government’s Thrift Savings Plan is increased to $22,500.
The limit on annual contributions to an IRA increased to $6,500 and the IRA catch‑up contribution limit for individuals aged 50 and over is not subject to an annual cost‑of‑living adjustment and remains $1,000.
