Small Business Insurance Agency
IRS Plan Limitations - Social Security Cost of Living Adjustments
Section 415 of the IRS Code provides for dollar limitations on benefits and contributions associated with qualified retirement plans. It requires the Commissioner annually to adjust limits for cost of living increases to meet statutory thresholds as needed. If the statutory threshold is currently met, the limitations will remain unchanged.
Qualified Plans source IRS Notice 2022-55
Calendar Year
Defined Contribution Plan - Dollar Limit on Annual Additions
Defined Benefit Plan Limit on Annual benefits
Maximum Annual Compensation Limit
Traditional & Roth 401k, 403b deferrals
Additional Catch up for Employees over age 50 in
Traditional & Roth 401k & 403b
SIMPLE IRA deferrals
Additional Catch up for Employees over age 50 in SIMPLE
Compensation Defining - Highly Compensated Employee
Compensation Defining - Key Employee-Officer
Annual Compensation triggering SEP contribution requirement
Annual Compensation for SIMPLE IRA eligibility (IRS Pub. 560)
2022
$61,000
$245,000
$305,000
$20,500
$6,500
$14,000
$3,000
$135,000
$200,000
$650
$5,000
2023
$66,000
$265,000
$330,000
$22,500
$7,500
$15,500
$3,500
$150,000
$215,000
$750
$5,000
IRA - Contributions Source IRS Pub. 590-A
Traditional & Roth - lesser of 100% of earned income or
Traditional & Roth - Annual catch up for earners over age 50
Maximum Income for full Roth Contribution - Single
Maximum Income for full Roth Contribution - Married - jointly
$6,000
$1,000
$129,000
$204,000
$6,500
$1,000
$138,000
$218,000
Traditional IRA Maximum Income for Deduction IRS Pub.590-A
Single - No Employer Retirement Plan
Single covered by Employer plan full Deduction if AGI under
Single covered by Employer's plan non-deductible if AGI over
Married Not in Employer Retirement Plan - both spouses
Married both covered by Employer Plan - Full deduct AGI under
Married both covered in Employer Plan - non-deduct AGI over
Married 1 Spouse Covered in Employer plan - full deduct AGI under
Married 1 Spouse Covered in Employer plan - no deduct AGI over
unlimited
$68,000
$78,000
unlimited
$109,000
$129,000
$204,000
$214,000
unlimited
$73,000
$83,000
unlimited
$116,000
$136,000
$218,000
$228,000
Social Security Taxable Wage Base
Medicare Taxable Wage Base-Source Medicare.gov
Medicare Part B Monthly Premium - No IRMAA Adjustment
Medicare Part B Monthly Premium - No IRMAA Adjustment
Maximum Part B Monthly Premium - see Medicare.gov for details
$147,000
unlimited
$170.10
$170.10
$160,200
unlimited
$164.90
$164.90
Health Savings Accounts Source-RevProc.2022-38
Minimum Qualifying H.S.A deductible - Single
Minimum Qualifying H.S.A deductible - Family
Maximum H.S.A. contribution - Single
Maximum H.S.A. contribution - Family
H.S.A Catch Up Contribution Over Age 55
F.S.A.Maximum Contribution
$1,400
$2,800
$3,600
$7,200
$1,000
$2,850
$1,500
$3,000
$3,850
$7,750
$1,000
$3,050
For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Small Business Insurance Agency nor any of its representatives may give legal or tax advice.