Q&A of the Week November 9, 2022

Question

How much can I contribute to my 401(k)?

Answer

For tax year 2022, individual employees can contribute up to $20,500 to their 401(k).

For tax year 2023, the 401(k) contribution amount is increasing to $22,500! Also, Individual Retirement Arrangements will increase from $6,000 to $6,500.

This change was made due to inflation and cost-of-living adjustments.

Read more here: https://www.nbcnews.com/business/consumer/401k-contribution-limits-2023-retirement-accounts-irs-taxes-rcna53696