The IRS has released updated contribution maximums and income thresholds for contributions to retirement plans, including IRAs, 401(k)s, SIMPLE Plans, and other retirement plans.
A few highlights from the article:
- The calendar year 2022 401(k) plan contribution maximum amount has increased to $20,500, up from $19,500
- the catch-up contribution for 401k employees aged 50 or older remains unchanged at $6,500
- The calendar year 2022 SIMPLE plan contribution maximum amount has increased to $14,000, up from $13,500
- the catch-up contribution for SIMPLE Plan employees aged 50 or older remains unchanged at $3,000
- The Traditional and Roth IRA contribution maximum amount remains unchanged at $6,000
- the catch-up contribution for individuals aged 50 or older remains unchanged at $1,000
