The IRS announced on November 4th that employee 401(k) contributions for 2022 will rise to $20,500 from $19,500. Additionally, plan participants who are 50 or older can contribute an extra $6,500. Also, employer-plus-employee contribution limits on defined contribution plans will increase from $58,000 to $61,000.

See Notice 2021-61.

If you have any questions, reach out to your trusted HW&Co. Advisor or contact us today.

David M. Reape CPA
Principal
Director, Tax Services
reape@hwco.com