The IRS has released the contribution limits for 2022. The below chart outlines the limits for both 2021 and 2022.
|
2022 Limits |
2021 Limits |
|
|
401(k) plans elective deferral contribution |
$20,500 |
$19,500 |
|
401(k) plans age 50 and older catch-up contribution |
$6,500 |
$6,500 |
|
SIMPLE 401(k) plans deferral contribution |
$14,000 |
$13,500 |
|
SIMPLE 401(k) plans catch-up contribution |
$3,000 |
$3,000 |
|
Qualified plan maximum compensation |
$305,000 |
$290,000 |
|
Social Security taxable wage base |
$147,000 |
$142,800 |
