The IRS has released new guidelines for the 2022 Contribution Maximums for company-sponsored retirement plans and they’ve increased! If you’re not sure what they are, Leading Retirement Solutions has you covered.
Retirement Plan Maximum Contributions:
IRS guidelines detail the maximum income that an employee (including company owners) may contribute to a company-sponsored retirement plan as well as the maximum contributions an employee (including company owners) may receive from the business.
Contribution Highlights for 2022:
- $20,500 - The contribution maximums for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan.
- $305,000 - The amount of your compensation that can be taken into account when determining employer and employee Contributions.
- The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver’s Credit all increased for 2022.
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Additional information can be found on the IRS website.
For more tips and information regarding retirement plans, contact us.
