2022 IRS Contribution Updates

November 22, 2021 | By Jessica Goedtel, CFP®

On November 4th, 2022, the IRS announced its annual cost-of-living adjustments for contributing to retirement plans and other updates. Here are some of the highlights:

  • 401k, 403(b), most 457 plans – annual contribution limit has been increased to $20,500 (from $19,500)
  • Income phaseouts were updated for Roth IRA contributions
    • Single/Head of household phaseout range $129,000 to $144,000
    • Married filing jointly $204,000 to $214,000
  • No change to annual IRA contribution limit – still $6,000

If you have been maxing out your 401k contributions to the allowable limit, check in with your human resources team. Some plans will make this adjustment for you automatically, in other cases you may have to request the increase.


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