IRS Releases 2022 Contribution Limits for Tax-Advantaged Accounts
The IRS has released the 2022 contribution limits for key tax-advantaged – 401(k), 403(b), 457, FSA, HSA, and IRA – accounts.
The new limits, in comparison to past years, are:
| Type of Limitation | 2022 | 2021 | 2020 |
| Elective Deferral Limit (401(k) and 403(b) Plans & 457 Plan; Not Including Catch-Up Contributions) | $20,500 | $19,500 | $19,500 |
| Catch-Up Contribution Limit (401(k) and 403(b) & 457 Plans)1 | $6,500 | $6,500 | $6,500 |
| Defined Contribution Plan Limit2 | $61,000 | $58,000 | $57,000 |
| Family HSA Limit | $7,300 | $7,200 | $7,100 |
| Individual HSA Limit | $3,650 | $3,600 | $3,550 |
| HSA Catch-Up Limit3 | $1,000 | $1,000 | $1,000 |
| FSA Limit4 | $2,850 | $2,750 | $2,750 |
| IRA Limit5 | $6,000 | $6,000 | $6,000 |
| IRA Catch-Up Limit6 | $1,000 | $1,000 | $1,000 |
While the 2022 annual contribution and benefit limits have not changed significantly from last year here are a few of the highlights:
- The Elective Deferral limit increased to $20,500
- The annual defined contribution limit has increased to $61,000
1Allowed in year turn 50. Does not include ‘Special’ catch up contributions under some 403(b) and 457 plans
2Total does not include catch up contributions
3Allowed in year turn 55. Must be covered by specific type of High Deductible Health Plan to be eligible for HSA 4Multiple types of FSAs, this assumes coverage of limited purpose FSA. See your employer for details
5Ability to contribute and/or get tax deduction based on individual situation. See your tax advisor for individual advice
6Allowed in year turn 50
Investment advisory services offered through Global Retirement Partners, LLC, dba M3 Financial, an SEC registered investment advisor.
