This website is intended for institutional retirement plan sponsors and their consultants, registered investment advisers, and other related businesses. If you are looking for individual services, please visit TIAA.org.

IRS Announces 2022 Plan Contribution and Benefit Limits

The Internal Revenue Service announcedOpens in a new window cost-of-living adjustments (COLAs) affecting dollar limitations for health savings accounts, pension plans and other retirement-related items for the 2022 tax year. See the chart below for further details.

The highlights of limitations that changed from 2021 to 2022 include the following:

  • The 415(c) contribution limit applicable to defined contribution retirement plans increased from $58,000 to $61,000.
  • The 401(a)(17) annual compensation limit applicable to retirement plans increased from $290,000 to $305,000.

See the chart below for further details for the new 2022 limits, as well as those for recent tax years.

 

  2022 2021 2020 2019  
Retirement plans          
Annual Compensation Limits - 401(a)(17)/404(l) 305,000 290,000 285,000 280,000  
Elective Deferrals 401(k)/403(b) - 402(g)(1) 20,500 19,500 19,500 19,000  
Catch-up Contributions - 414(v)(2)(B)(i) 6,500 6,500 6,500 6,000  
457 Elective Deferrals - 457(e)(15) 20,500 19,500 19,500 19,000  
Defined Contribution Limits - 415(c)(1)(A) 61,000 58,000 57,000 56,000  
Annual Compensation Grandfathered Governmental Plans 450,000 430,000 425,000 415,000  
Other          
Highly Compensated Employee Threshold - 414(q)(1)(B) 135,000 130,000 130,000 125,000  
Defined Benefit Limits - 415(b)(1)(A) 245,000 230,000 230,000 225,000  
Key Employee - 416(i)(1)(A)(i) 200,000 185,000 185,000 180,000  
Social Security Taxable Wage Base 147,000 142,800 137,700 132,900  
Health savings accounts(hsa)          
HSA Self-only Coverage Contribution Limits - 223(b)(2)(A) 3,650 3,600 3,550 3,500  
HSA Family Coverage Contribution Limits - 223(b)(2)(B) 7,300 7,200 7,100 7,000  
HSA Catch Up Contributions (age 55+) 1,000 1,000 1,000 1,000  
IRAs          
IRA Contribution Limit - 219(b)(5)(A) 6,000 6,000 6,000 6,000  
IRA Catch-Up Contributions - 219(b)(5)(B) 1,000 1,000 1,000 1,000  
sep          
SEP Minimum Compensation - 408(k)(2)(C) 650 650 600 600  
SEP Maximum Compensation - 408(k)(3)(C) 305,000 290,000 285,000 280,000  
Simple plans          
SIMPLE Maximum Contributions - 408(p)(2)(E) 14,000 13,500 13,500 13,000  
SIMPLE Catch-up Contributions - 414(v)(2)(B)(i) 3,000 3,000 3,000 3,000  

All figures in US dollars.

Source: www.irs.gov Opens in a new window

1908618