What are the 401(k) contribution limits in 2023?

A 401(k) is one such retirement account offered by employers that also offers tax benefits.

[{"selector":"#anim-fa0498ac-a60e-4c52-961a-d0c20ca89aec [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

What's the new law for 401(k)s in 2023?

[{"selector":"#anim-1b8a1786-93ed-430e-b755-532135b15c05","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] CREDIT GETIMAGE

[{"selector":"#anim-e90684ac-30e9-4e4c-82ff-a9d8e19720e7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The new law increases the 401(k) contribution limit for employees to $22,500 in 2023. The new law increases the 401(k) contribution limit for employees to $22,500 in 2023. CREDIT GETIMAGE

[{"selector":"#anim-4818a7c1-86d7-4fb8-ab6e-c5d720227778 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Plus, workers age 50 and older can make an additional, catch-up contribution of $7,500, bringing their total contribution limit to $30,000 for 2023. Plus, workers age 50 and older can make an additional, catch-up contribution of $7,500, bringing their total contribution limit to $30,000 for 2023. CREDIT GETIMAGE

401(k) contribution limits on highly compensated employees

[{"selector":"#anim-04d902dc-27be-4fff-be05-e92d26c2b856 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

[{"selector":"#anim-95d311f3-6b96-4d2d-956e-2101dbf60632","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] 1. Individuals who owned more than 5% of the business during the previous year. 1. Individuals who owned more than 5% of the business during the previous year. CREDIT GETIMAGE

[{"selector":"#anim-8790d06a-9402-4bda-a124-f75a433a87c5","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] [{"selector":"#anim-9d69e250-8e11-4d1a-8fe1-120ebcc3113a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] 2. Individuals who earned more than $135,000 in 2022 or $150,000 in 2023. 2. Individuals who earned more than $135,000 in 2022 or $150,000 in 2023. CREDIT GETIMAGE

[{"selector":"#anim-94dc180e-da09-407e-a4d3-18a9ad805fd2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-420d2a71-26e0-4155-9464-c995dae47ebd","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] 3. Individuals who were in the top 20% of employees based on compensation 3. Individuals who were in the top 20% of employees based on compensation CREDIT GETIMAGE

What are the 401(k) contribution limits in 2023?

[{"selector":"#anim-4f80cdf4-aea4-4228-88af-9325183bb212","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-011d270e-76b3-4b36-89c1-071a1d46f3a3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e451d713-34ae-491f-aee3-10270ba2e7cf","keyframes":{"transform":["translate3d(977.27204%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-86e1438c-21a5-4801-9214-84dad7690eba","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] [{"selector":"#anim-88b8d029-814e-4636-817a-05664d238915","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-efb7b930-41f9-4473-8f2b-f2b1dfdc3465","keyframes":{"transform":["translate3d(-148.27585%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-60822a49-82f1-42f7-8b74-82fe60b1e9e3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b5211635-98ef-485b-b621-0e4fa0419aca","keyframes":{"transform":["rotate(-8deg) translate3d(-181.8182%, 0px, 0) rotate(8deg)","rotate(-8deg) translate3d(0px, 0px, 0) rotate(8deg)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f7c2b53-90dc-441b-8653-4cca379f1394","keyframes":{"opacity":[0,1]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8c1e4130-f21e-4dc8-ac24-29ad41d2af34","keyframes":{"transform":["translate3d(-349.99972%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6b0185db-ed7c-45f4-8460-97ba05f4cb52","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-edfd5eb4-cc1a-4936-a21c-0cb21d11d82f","keyframes":{"transform":["translate3d(-168.42106%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1ca2b5a8-1d1b-49b4-af8a-0c118b2675a6","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ccd349e1-0863-4f51-a14f-bfb05130b73f","keyframes":{"transform":["translate3d(153.44826%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aad2e5a6-4aa1-405e-af7c-fd587df22b5e","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ccae616a-31d8-4530-97e4-7cc109198b53","keyframes":{"transform":["rotate(-8deg) translate3d(184.09095%, 0px, 0) rotate(8deg)","rotate(-8deg) translate3d(0px, 0px, 0) rotate(8deg)"]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Next steps Learn more

What are the 401(k) contribution limits in 2023?

hindkunj.com

A 401(k) is one such retirement account offered by employers that also offers tax benefits.

A 401(k) is one such retirement account offered by employers that also offers tax benefits.

What's the new law for 401(k)s in 2023?

What's the new law for 401(k)s in 2023?

401(k) contribution limits on highly compensated employees

401(k) contribution limits on highly compensated employees

What are the 401(k) contribution limits in 2023?

3

share the story

A

click here for more information