2022 IRS Limits
- By: admin
- On: 02/01/2022 13:21:56
- In: Pension Accounting News
- Comments: 0
The IRS has issued their plan limits for calendar year 2022. Here they are for your convenience.
The Internal Revenue Service announced the dollar limitations for retirement plans and other benefits, beginning January 1, 2021. Some of the limits are listed below.
|LIMITATION||2021 AMOUNT||2022 AMOUNT|
|Maximum Annual Compensation taken into account for determining benefits or contributions to a qualified plan||$290,000||$305,000|
|Basic Elective Deferral Limitation for 401(k), 403(b) and 457(b) Plans||$19,500||$20,500|
|Catch-up Contribution Limit for Persons Age 50 and older in 401(k), 403(b) or SARSEP Plans||$6,500||$6,500|
|Limitation on Annual Additions to a Defined Contribution Plan||$58,000||$61,000|
|Traditional and Roth IRA Contribution Limits / Age 50 Catch-Up Limit||$6,000 / $1000||$6,000 / $1000|
|Limitation on Annual Benefits from a Defined Benefit Plan||$230,000||$245,000|
|Social Security Taxable Wage Base for Social Security Tax (6.2%)||$142,800||$147,00|
|For Medicare Tax (1.45% / 2.35%)||No Limit||No Limit|
|Health Savings Accounts:
• Individual Contribution Limit
• Family Contribution Limit
• Catch-Up Contributions
|Health Flexible Spending Accounts5||$2,750||$2,850|
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