10.21.22
IRS Announces 401(k) Contribution Limits for 2023
by: Melanie Waddell
The Internal Revenue Service (IRS) says the contribution limit for employees who participate in 401(k)s, 403(b)s, most 457 plans, and the federal government’s Thrift Savings Plan has increased to $22,500, up from $20,500. The limit on annual contributions to an individual retirement account (IRA) increased to $6,500, up from $6,000. The IRA catch-up contribution limit for individuals 50 and older is not subject to an annual cost-of-living adjustment and remains $1,000, the IRS said.
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