The Internal Revenue Service announced retirement plan contribution limits for 2022.
For the most part the 2022 limits are unchanged from the 2021 limits. The notable changes were the increase in the Roth IRA eligibility threshold and the ability for 401(k) and SIMPLE IRA participants to increase their contributions.
If you have questions or would like more details, please contact our Certified Retirement Services Professional (CRSP), Rebecca Bitting.
Contact Rebecca: 563.388.2575
| 2022 Contributions | |
|---|---|
| Elective Deferrals | 2022 |
| 401(k), 403(b), 457(b) Plans | Lesser of $20,500 or 100% of participant's compensation |
| Simple IRAs | Lesser of $14,000 or 100% of participant's compensation |
| IRA Contribution Limits | 2022 |
| IRAs (Traditional or Roth) | Lesser of $6,000 or 100% of earned income |
| Additional "Catch Up" Limits | 2022 |
| 401(k), 403(b), 457(b) | $6,500 |
| SIMPLE IRAs | $3,000 |
| IRAs (Traditional or Roth) | $1,000 |
| Roth IRA Compensation Limits - Income Phase Out Range | 2022 |
| Single | $129,000 - $144,000 |
| Married Filing Jointly | $204,000 - $214,000 |
| Married Filing Seperately | $0 - $10,000 |