2023 CONTRIBUTION LIMITS

Description

2023 (new)

2022 (prior)

402(g) Limit

The maximum amount of pretax and roth deferrals that can contributed to a 401k plan.

$22,500

$20,500

Catch-up Contribution Limit 

The additional amount an individual who attains age 50 before the close of the calendar year can contribute to the 401k plan.

$7,500

$6,500

415 Limit

The total contribution limit to the 401k plan (including employee pre-tax and after-tax contributions, employer contributions and forfeitures allocated to a participant account).

$66,000

$61,000

HCE Limit

The amount of compensation that once reached in the preceding year defines a Highly Compensation Employee (HCE).

$150,000

$135,000

Compensation Limit 

The compensation limit for purposes of allocating employee and employer contributions for a 401k plan.

$330,000

$305,000

HSA Limits

The maximum annual contribution amounts to a Health Savings Account (HSA).

$3,850 single coverage

$7,750 family coverage

$3,650 single coverage

$7,300 family coverage

HSA Catch-up Contribution Limit

The additional amount an individual age 55 or older can contribute to their HSA.

$1,000

$1,000

Traditional and Roth IRA Limit

The maximum amount of contribution to a traditional and/or roth IRA in total

$6,500

$6,000

Simple IRA Limit

The maximum amount of pretax deferrals that can be contributed to the plan.

$15,500

$14,000

Simple IRA Catch-up Contribution Limit

The additional amount an individual who attains age 50 before the close of the calendar year can contribute to the Simple IRA.

$3,500

$3,000