2022 Benefit Plan Limitations
The IRS and Social Security Administration have released the 2022 benefit plan limitations:
| Plan Limits | 2022 | 2021 | 2020 | 2019 |
| 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 |
| Plan Limits | 2022 | 2021 | 2020 | 2019 |
| 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 | $6,000 | $6,000 | $6,000 | $6,000 |
| IRA Catch Up | $1,000 | $1,000 | $1,000 | $1,000 |
*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.
