2023 Irs Elective Deferral Limit
Highlights of changes for 2023. Maximum defined contribution annual additions: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's thrift savings plan is increased. Taking into account the applicable rounding rules, the amounts for 2023 are as follows:
While there is no certainty to the forecast, it is highly likely with only three months remaining in federal fiscal year 2022, that, for 2023: The annual limit on elective deferrals will increase to $22,500 (up from $20,500) for 401 (k), 403 (b), and 457 plans, as well as sarseps, and to $15,500 (up. 1 the $22,500 elective deferral limit is also known as the 402(g) limit, after the relevant tax code section. $19,500 in 2020 and 2021).