IRS Releases 2022 Contribution Limits for Tax-Advantaged Accounts

Financial Services

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 Limitation202220212020
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.

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