2023 IRS Benefits & Contributions Limits Announced
(Posted on October 24, 2022 by )


irsOn October 24, 2022, the IRS issued IRS Notice 2022-55, announcing the changes in pensions and benefits limits for 2023. With inflation higher this year than in prior years, the changes were substantial. The maximum limit on deferrals under 401(k), 403(b), and 457(b) plans rose from $20,500 to $22,500; the maximum annual additions (primarily to defined contribution plans) rose from $61,000 to $66,000; and the annual limit on compensation taken into account rose from $305,000 to $330,000. Most other limits also rose significantly.

A chart showing details, and limits from 1996 to 2023, can be found at this link.