The Internal Revenue Service (“IRS”) has raised the contribution limits for 2023.
|
2023 Limits |
2022 Limits |
|
|
401(k) plans elective deferral contribution |
$22,500 |
$20,500 |
|
401(k) plans age 50 and older catch-up contribution |
$7,500 |
$6,500 |
|
SIMPLE 401(k) plans deferral contribution |
$15,500 |
$14,000 |
|
SIMPLE 401(k) plans catch-up contribution |
$3,500 |
$3,000 |
|
Qualified plan maximum compensation |
$330,000 |
$305,000 |
|
Social Security taxable wage base |
$160,200 |
$147,000 |
