IRS Boosts 401(k) Contribution Annual Cap

[runforfun]

Workers will be able to set aside up to $20,500 in their 401(k) accounts in 2022, up $1,000 from this year, the Internal Revenue Service said Thursday. Other key limits on tax-advantaged retirement contributions will remain the same in 2022, including the $6,000 limit on IRA contributions and the $6,500 limit on catch-up contributions for people aged 50 and over in 401(k)-style workplace retirement plans.

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[yogibearbull]

Forbes has good summary including adjustments for cutoffs/phaseouts for deductible IRA, Roth IRAs, QLACs. www.forbes.com/sites/ashleaebeling/2021/11/04/irs-announces-higher-retirement-plan-contribution-amounts-for-iras-401ks-and-more-for-2022/?sh=420c37803b1b

[roi2020]

The following article includes a comprehensive table which lists numerous 2021/2022 contribution and income limits.

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