Tax Year
2023
2022
IRA Contribution Limit
219(b)(5)(A) – Under Age 50
$6,500 $6,000
IRA Catch-Up Contribution Limit
219(b)(5)(B) – Age 50 or Over
$1,000 $1,000
SIMPLE IRA Maximum Contributions
408(p)(2)(E) – Under Age 50
$15,500 $14,000
SIMPLE IRA Maximum Catch-Up Contribution
414(v)(2)(B)(ii) – Age 50 or Over
$3,500 $3,000
Coverdell ESA Contribution Limit * $2,000 $2,000
Employer Defined Contribution Limit
415(c)(1)(A)
$66,000 $61,000
Elective Deferral Limit
402(g)(1)
$22,500 $20,500
Elective Deferral Catch-Up Limit
414(v)(2)(B)(i)
$7,500 $6,500
Annual Compensation Cap
401(a)(17)/404(I)
$330,000 $305,000
SEP Minimum Compensation
408(k)(2)(C)
$750 $650
SEP Maximum Compensation
408(k)(3)(C)
$330,000 $305,000
457 Elective Deferrals
457(e)(15)
$22,500 $20,500
Defined Benefit Limit
415(b)(1)(A)
$265,000 $245,000
Highly Compensated Employee (HCE)
414(q)(1)(B)
$150,000 $135,000
Key Employee
416(i)(1)(A)(i)
$215,000 $200,000
FICA Taxable Wage Base $160,200 $147,000