2023 Irs Retirement Limits
Code § 415 (c) (1) (a). The following limits apply to retirement plans in 2023. That’s up from $6,500 in 2022. Individual employees will be able to contribute up to $22,500 to their 401 (k) retirement plans for the 2023 tax year, up from $20,500 in 2022, the irs announced friday.
For the 2023 year there will be a significant increase in all of the key retirement plan limits. It’s the first increase since 2019, bringing the total annual contribution limit to $6,500. Workers looking to take maximum advantage of their retirement accounts will be excited that the irs increased the annual contribution limits on iras by $500, bringing the total. The maximum annual 401(k) contribution an individual can make in 2023 is $22,500.