Annually Adjusted Limitations
|
Type of Limitation
|
2023
|
2022
|
2021
|
2020
|
2019
|
Elective Deferrals (401(k), 403(b), 457(b)(2) and 457(c)(1))
|
$22,500
|
$20,500
|
$19,500
|
$19,500
|
$19,000
|
Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans (457(b)(3) and 402(g) provide separate catch-up rules)
|
$7,500
|
$6,500
|
$6,500
|
$6,500
|
$6,000
|
SIMPLE Salary Deferral
|
$15,500
|
$14,000
|
$13,500
|
$13,500
|
$13,000
|
SIMPLE 401(k) or regular SIMPLE plans, Catch-Up Deferrals
|
$3,500
|
$3,000
|
$3,000
|
$3,000
|
$3,000
|
415 limit for Defined Benefit Plans
|
$265,000
|
$245,000
|
$230,000
|
$230,000
|
$225,000
|
415 limit for Defined Contribution Plans
|
$66,000
|
$61,000
|
$58,000
|
$57,000
|
$56,000
|
Annual Compensation Limit
|
$330,000
|
$305,000
|
$290,000
|
$285,000
|
$280,000
|
Highly Compensated Employee 414(q)(1)(B)
|
$150,000
|
$135,000
|
$130,000
|
$130,000
|
$125,000
|
Key employee in top heavy plan (officer)
|
$215,000
|
$200,000
|
$185,000
|
$185,000
|
$180,000
|
Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993
|
$490,000
|
$450,000
|
$430,000
|
$425,000
|
$415,000
|
ESOP Maximum balance
|
$1,330,000
|
$1,230,000
|
$1,165,000
|
$1,150,000
|
$1,130,000
|
Amount for Lengthening of 5-Year ESOP Period
|
$265,000
|
$245,000
|
$230,000
|
$230,000
|
$225,000
|
Taxable Wage Base
|
$160,200
|
$147,000
|
$142,800
|
$137,700
|
$132,900
|
IRAs for individuals 49 and below
|
$6,500
|
$6,000
|
$6,000
|
$6,000
|
$6,000
|
IRAs for individuals 50 and above
|
$7,500
|
$7,000
|
$7,000
|
$7,000
|
$7,000
|
FICA Tax for employees and employers
Social Security Component
Medicare Component
|
7.65%
6.2%
1.45%
|
7.65%
6.2%
1.45%
|
7.65%
6.2%
1.45%
|
7.65%
6.2%
1.45%
|
7.65%
6.2%
1.45%
|
Health Savings Account Limit (plus additional $1,000 catch-up contribution)
|
$3,850/single
$7,750/family
|
$3,650/single
$7,300/family
|
$3,600/single
$7,200/family
|
$3,550/single
$7,100/family
|
$3,500/single
$7,000/family
|
Health Flexible Spending Account Limit
|
$3,050
|
$2,850
|
$2,750
|
$2,750
|
$2,700
|
Health Flexible Spending Account Optional Carryover Limit[1]
|
$610
|
$570
|
$550
|
$550
|
$500
|
Dependent Care Flexible Spending Account Limit (subject to earned income limits)[2]
|
$5,000 ($2,500 married filing separately)
|
$5,000 ($2,500 married filing separately)
|
$5,000 ($2,500 married filing separately)
|
$5,000 ($2,500 married filing separately)
|
$5,000 ($2,500 married filing separately)
|
Additional Medicare Tax Withholding
|
.9% of comp
>$200,000
|
.9% of comp
>$200,000
|
.9% of comp
>$200,000
|
.9% of comp
>$200,000
|
.9% of comp
>$200,000
|