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2022 Benefit Plan Limitations

The IRS and Social Security Administration have released the 2022 benefit plan limitations:

Plan Limits2022202120202019
401(k)/403(b) Deferrals*$20,500$19,500$19,500$19,000
401(k)/403(b) Plan Catch Up$6,500$6,500$6,500$6,000
Defined Contribution Limit*$61,000$58,000$57,000$56,000
Includible Compensation*$305,000$290,000$285,000$280,000
Key Employee*$200,000$185,000$185,000$180,000
Highly Compensated Employee*$135,000$130,000$130,000$125,000
401(k)/403(b) Plan Limits
Plan Limits2022202120202019
Defined Benefit Limit*$245,000$230,000$230,000$225,000
Social Security Taxable Wage Base*$147,000$142,800$137,700$132,900
SIMPLE Deferrals*$14,000$13,500$13,500$13,000
SIMPLE Plan Catch Up$3,000$3,000$3,000$3,000
457 Deferrals*$20,500$19,500$19,500$19,000
IRA Catch Up$1,000$1,000$1,000$1,000
Non-401(k)/403(b) Related Limits

*Indicates a change from 2021 to 2022

The information presented here is for educational purpose only and is not intended to provide specific advice or recommendations for any individual nor does it take into account the particular investment objectives, financial situation or needs of individual investors. This material is not intended to provide, and should not be relied on for tax advice. Any tax advice contained herein is of a general nature. You should seek specific advice from your tax professional before pursuing any idea contemplated.

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